Illustration: Liu Rui/ GT
BRICS members engaged in in-depth discussions regarding the US "reciprocal tariffs" policy, expressed serious concerns over the trade tensions triggered by the US measures, and jointly called for opposition to unilateralism and trade protectionism during the second meeting of the BRICS Contact Group on Economic and Trade Issues, which was held via video conference from Thursday to Friday, China's Ministry of Commerce (MOFCOM) said on Saturday.
The group, established in 2011, is a key contact group for BRICS members to exchange views on a range of economic, trade and investment related issues, according to the official website of South Africa's Department of Technology, Industry and Competition.
During the meeting, China pointed out that the US government's recent imposition of the "reciprocal tariff" policy has severely undermined the international trade system, disrupted global industrial and supply chains, exerted prolonged impacts on the world economy, which represents typical unilateralism, protectionism, and economic bullying.
China emphasized that BRICS countries serve as a crucial platform for emerging market nations and developing countries to strengthen solidarity and cooperation and safeguard shared interests. They play a significant role in advancing the reform of the global governance system and promoting the liberalization and facilitation of global trade and investment. At this critical juncture, BRICS members should steadfastly adhere to the correct direction of globalization, jointly safeguard the multilateral trading system based on rules, and maintain global economic stability, according to a statement published by the ministry on its official website.
BRICS members expressed grave concern over the severe impact of the US "reciprocal tariffs" on the multilateral trading system. Multiple members noted that such tariffs seriously violate WTO rules, constituting unilateralism and protectionism that could substantially hinder global economic growth and undermine the interests of developing countries, read the statement.
The BRICS countries should reinforce solidarity and present a unified stance to the world on this matter. All parties will continue to engage in in-depth discussions through economic and trade channels to respond to the US "reciprocal tariffs" policy, enhance coordination of positions, uphold and safeguard the rule-based multilateral trading system, and collaboratively respond to the current global trade tensions.
According to the MOFCOM, Chinese Minister of Commerce Wang Wentao on Friday held a video call with Brazilian Vice President Geraldo Alckmin, who also serves as the country’s minister of development, industry, commerce and services. The two sides exchanged views on strengthening China-Brazil economic and trade cooperation, responding to the US’ imposition of so-called “reciprocal tariffs,” and leveraging the role of multilateral platforms such as BRICS and the G20.
Bloomberg reported on Friday that Brazil’s mines and energy minister is heading to China to seek energy storage partnerships with companies including electronics leader Huawei Technologies and auto giant BYD.
Alexandre Silveira’s trip is scheduled for next week. The schedule also includes meetings with State Grid Corp. of China to discuss potential transmission lines to resolve bottlenecks in the power grid, according to Bloomberg.
On Friday, a glitch in the system regarding the code to exempt all freight that was on the water this week and should be exempt from any new tariffs put into place by the US administration, including freight already on the way from China and any nations now under a 90-day reprieve, has now been fixed, according to a report by CNBC.
The glitch lasted for more than 10 hours, according to the latest alert provided by the US Customs and Border Protection. Customs issued an update at 8:19 am (US local time) that they were aware the entry code for US shippers to use to have their freight exempted was not working and "the issue is being reviewed," according to the report.
Imports to the busiest US seaport could drop as soon as May, as companies pause orders in response to the country's escalating tariffs on China and other trading partners, Port of Los Angeles Executive Director Gene Seroka said on Friday, Reuters reported.
"Global trade will slow as companies try to figure out what this means," said Seroka, who also reiterated his forecast for imports at the Port of Los Angeles to fall at least 10 percent in the second half of this year.
Global Times
