The threat of higher tariffs on BRICS nations by US President Donald Trump has sparked a heated debate about the future of global trade and economic stability.
According to Trump, BRICS, conceived two decades ago as a forum for fast-growing economies, and its growth and expansion posed a threat to US dominance in the global economy.
At a recent summit in Rio de Janeiro, the 11-nation bloc, which includes South Africa Brazil, Russia, India, and China, criticised Trump’s imposed tariffs.
In response, Trump accused the group of “anti-Americanism” and pledged an additional 10% tariff on their goods.
President Cyril Ramaphosa has condemned Trump’s threat, saying efforts to “punish” the bloc were disappointing. “BRICS does not seek to compete with any other power,” Ramaphosa said on Monday.
“The bloc advocates for…