FX.co ★ Which BRICS countries want to struggle with US?

The BRICS countries are ready to make a concerted effort to withstand a mounting threat of trade protectionism. In particular, they are committed to encouraging joint governance and reinforcing cooperation in the global politics. Besides, it is essential to put high priority to the time-tested international practice. These principles were outlined in a speech by Zhai Jun, an assistant of China’s foreign minister. In fact, he did not propose any blueprint but presented a lot of vague ideas. Zhai Jun spoke on the recent developments in the global trade at a briefing, devoted to the participation of China’s President Xi Jinping in the BRICS summit in South Africa.

China evidently makes every effort to find allies in the trade war with the US. Weasel words about global countermeasures reveal vulnerability of China. Interestingly, Zhai Jun spoke on behalf of other BRICS members. In fact, emerging markets will obviously benefit since the US imposed tariffs on China’s imports. Why should they join the struggle with the US? All is fair in love and war, the proverb says. Thus, it makes sense for China to threaten its rival with powerful allies. In the new international environment, reinforcement of the cooperation in trade and economy encourages development of domestic economies of every BRICS country. At the same time, such cooperation complies with expectations of the world’s community for the BRICS contribution to the advance of the global economy, the Chinese policymaker answered the question on the prospects of multilateral agreement among the BRICS countries on the back of the severe trade dispute with the US.