Trump trade war dominates BRICS meeting in Brazil

At a summit final 12 months, BRICS members mentioned boosting non-dollar transactions, eliciting a swift rebuke from Trump who threatened them with 100 per cent tariffs in the event that they undercut the US foreign money.

Chatting with Brazil’s O Globo newspaper forward of the assembly, Russian International Minister Sergei Lavrov stated BRICS nations deliberate to “enhance the share of nationwide currencies in transactions” between member states however stated discuss of transitioning in direction of a unified BRICS foreign money was “untimely”.

Vieira, whose nation has up to now been spared the worst of Trump’s commerce ire – Brazilian imports to the US are topic to 10 per cent tariffs, a fraction of these imposed on China – additionally denied any plans to create a brand new foreign money.

The BRICS can be joined for discussions on Tuesday by 9 different “associate” nations, together with a number of former Soviet states, in addition to Cuba, Malaysia, Thailand, Uganda and Nigeria.