According to Bloomberg News on the 1st, leaders of BRICS, a group of emerging economies led by China and Russia, are set to hold a virtual meeting next week to discuss U.S. President Donald Trump’s trade policies.
Bloomberg cited four sources indicating that Luiz Inácio Lula da Silva, the President of Brazil, which holds the BRICS presidency this year, plans to host a virtual BRICS summit on the 8th.
BRICS is a multilateral cooperation group consisting of Brazil, Russia, India, China, and South Africa, and has been expanding its influence with new members such as Ethiopia, Egypt, Iran, Saudi Arabia, the UAE, and Argentina joining last year.
There has been a rising need for a joint response among member countries as President Trump has imposed high tariffs on BRICS countries along with the rest of the world.
This meeting gains attention as it is scheduled after the Shanghai Cooperation Organization (SCO) summit, held in Tianjin, China from the 31st of last month to the 1st of this month.
On this occasion, Russian President Vladimir Putin and Indian Prime Minister Narendra Modi visited China, engaged in bilateral talks, and strengthened friendly relations.
There are speculations that Prime Minister Modi’s change in stance toward President Trump could solidify BRICS cohesion.
Prime Minister Modi has maintained a distant relationship with President Trump following the imposition of high tariffs from the U.S. after importing Russian crude oil.
However, Brazilian officials have noted that differing tariff rates within BRICS countries make reaching a joint statement challenging, and President Lula does not want this meeting to take on an anti-American tone.