The BRICS countries to discuss the US trade protectionism

The main issue of the BRICS summit in Johannesburg is likely to be criticism of U.S. President Donald Trump’s wave of tariffs on foreign goods, RISS expert Nikolay Troshin pointed out. "The BRICS countries maintain a multilateral system and the WTO dispute settlement so there might be some joint solutions to remove the tension," the economist added.

In expert′s opinion, the escalating trade war between the USA and Europe is a very alarming signal for the modern economy. "The recent IMF forecast for the current period states that the world economy will lose half a percent of global GDP if Europe retaliates against Washington′s unprecedented trade war. The economic recession may occur much more rapidly than expected," he said.

RISS expert stressed that BRICS is the largest international association and the total GDP of the BRICS countries now nearly equals that of the United States. "Both Europe and America often try to present BRICS negatively, claiming that it is a fictitious organization created "at the tip of the pen" of the American stock analyst solely for the convenience of investors. But since then, BRICS has come a long way, and today's summit shows that this is a real force to be reckoned with in the international arena," he said.

economy BRICS Johannesburg