Extraordinary BRICS summit seeks to tackle global trade tensions and US tariffs

On Monday, Russian President Vladimir Putin joined an extraordinary BRICS summit via video link, a virtual meeting convened by Brazil to address growing global concerns over U.S. President Donald Trump’s sweeping trade tariffs.

According to the Kremlin, BRICS leaders discussed expanding cooperation in trade, finance, investment, and more, all while grappling with growing volatility in the global economy.

Trump’s tariffs have shaken markets, strained alliances, and raised fears of inflation and slower growth. Yet, he defends them as necessary, saying the U.S. would be on “the brink of economic catastrophe” without them.

From Beijing, Chinese President Xi Jinping used the summit to double down on multilateralism. He called it the “shared aspiration of the people” and proposed a new Global Governance Initiative to promote equity and reform in international institutions.

Xi urged stronger support for the United Nations system, fairer global representation for the Global South, and a more democratic international order to face the common challenges of humanity.

The summit, chaired by Brazil’s President Luiz Inácio Lula da Silva, brought together leaders from Russia, South Africa, Egypt, Iran, Indonesia, the UAE, India, and Ethiopia.