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Home Business & Economy

Expanded BRICS Summit Targets Trump’s Tariffs

April 28, 2025
in Business & Economy
Reading Time: 2 mins read
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Senior diplomats from BRICS nations, including Nigeria, will gather in Brazil starting Monday to present a unified stance against U.S. President Donald Trump’s aggressive trade measures. The meeting follows the International Monetary Fund’s recent downgrade of global growth forecasts, attributed to the widespread tariffs imposed by the Trump administration.

Representatives from BRICS—Brazil, Russia, India, China, and South Africa—will hold a two-day talk in Rio de Janeiro, laying the groundwork for the July leaders’ summit. Mauricio Lyrio, Brazil’s BRICS envoy, noted that ministers are crafting a joint declaration to reaffirm support for the multilateral trading system.

Since its inception in 2009, the bloc has expanded to include Iran, Egypt, and the UAE, now representing nearly half the world’s population and 39% of global GDP. Trump’s tariffs, including a 10% levy on numerous countries and up to 145% on Chinese goods, have prompted retaliatory measures, such as Beijing’s 125% duties on U.S. imports. Trump has also warned of 100% tariffs on BRICS nations if they challenge the U.S. dollar’s dominance.

Hosted by Brazilian Foreign Minister Mauro Vieira, the meeting will feature Russia’s Sergei Lavrov and China’s Wang Yi. Discussions, which begin at 11:00 a.m. local time (1400 GMT), are expected to address climate change ahead of November’s COP30 summit in Belém, Brazil, and the Ukraine war, amid U.S. efforts to broker peace.

On Tuesday, nine partner countries—including former Soviet states, Cuba, Malaysia, Thailand, Uganda, and Nigeria—will join the dialogue, broadening the scope of collaboration. A formal statement from the meetings is anticipated later in the day.

WHAT YOU SHOULD KNOW

This meeting underscores a shifting global order. BRICS’ expansion and Nigeria’s inclusion exemplify the rise of middle powers challenging Western hegemony. However, the bloc’s effectiveness hinges on reconciling internal divisions and translating rhetoric into actionable policies.

For Nigeria, BRICS membership offers economic leverage but risks entanglement in U.S.-China rivalries.

Meanwhile, Trump’s tariff threats highlight the fragility of global economic interdependence, with developing nations increasingly caught in the crossfire.

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