Brazil's Lula calls for tighter trade ties for BRICS as tariffs bite

• Brazilian President Luiz Inacio Lula da Silva said on Monday that more trade and financial integration among the BRICS group of developing nations would help mitigate the effects of protectionism.
• A virtual meeting, which lasted 1-1/2 hours, brought together leaders from Brazil, Russia, India, China, South Africa, Egypt, Indonesia, Iran, the United Arab Emirates, and Ethiopia, Brazil's government said. The group discussed the risks posed by the resurgence of unilateral measures, particularly in international trade, and explored ways to strengthen mechanisms for solidarity, coordination, and trade among BRICS nations.
• The 50% levies on most Brazilian exports are linked to U.S. trade measures affecting Brazil. U.S. tariffs on Indian goods were doubled last month to as high as 50% in response to India's continued imports of Russian oil. India's Prime Minister Narendra Modi noted that increasing barriers and complicating transactions would not help, nor would the linking of trade measures to non-trade matters, according to a speech shared by India's Foreign Ministry.
• Chinese leader Xi Jinping said during the meeting that certain countries had launched trade and tariff wars, impacting the world economy and international trade rules.

(Source: Reuters)