BRICS member countries will expand their trade cooperation despite threats by US President Donald Trump to impose 10% tariffs on each of them, which supports the association's “anti-American policy“, writes The New York Times (NYT).
The White House's aggressive trade policy has had the opposite effect: the world's largest economies prefer to trade with each other in order to be less dependent on the US. In addition, BRICS members reserve the right to impose retaliatory tariffs in the event of an escalation of the trade war by Washington, notes the NYT.
Earlier, in a joint communiqué after the summit in Rio de Janeiro, the BRICS countries declared themselves against unilateral trade and financial measures, including raising tariffs and creating non-tariff barriers, which "lead to the emergence of trade imbalances and contradict World Trade Organization norms."