BRICS leaders rally against protectionism as Xi Jinping and Lula criticize tariff ‘blackmail’

Chinese President Xi Jinping - File Photo

Chinese President Xi Jinping called on the 11-nation BRICS bloc to "resist all forms of protectionism" at a virtual leaders' summit on Monday.

"We must uphold the multilateral trading system with the World Trade Organization at its core and resist all forms of protectionism," he said in his speech to the group, which includes Brazil, Russia, India, China, South Africa, Saudi Arabia and Indonesia.

"No matter how the international situation changes, we must remain steadfast in promoting the building of an open global economy, sharing opportunities and achieving win-win results through openness," Xi added.

Brazilian President Luiz Inacio Lula da Silva convened the virtual meeting to discuss "the defence of multilateralism".

He denounced what he called "tariff blackmail" as the South American giant deals with a 50 percent import charge imposed by US counterpart Donald Trump.

"Tariff blackmail is being normalized as an instrument for market conquest and to interfere in domestic affairs," Lula said during the virtual meeting of BRICS leaders including China's Xi Jinping, Vladimir Putin of Russia and South Africa's Cyril Ramaphosa.

Brazil's exports to the United States plunged 18.5 percent year-on-year in August after Trump slapped his highest level of trade tariff on a range of goods from Latin America's biggest economy.

Trump is punishing Brazil for what he calls a "witch hunt" against his ally, former far-right president Jair Bolsonaro, who is on trial for allegedly plotting a coup to take power back from Lula, who defeated him in October 2022 elections.

A verdict in the trial is expected this week.

Brazil has said it is considering retaliatory trade measures against the United States, and has asked the World Trade Organization for help in resolving the dispute.