The looming global trade war dominated a pre-Brics summit briefing on Tuesday, with Finance Minister Nhlanhla Nene calling it the bloc’s biggest concern, while Reserve Bank governor Lesetja Kganyago pulled no punches, calling protectionism "stupid". The Brics partners — Brazil, Russia, India, China and SA — were "navigating a lot of economic turbulence together", Nene said in Sandton. The biggest concern for Brics countries was that the trade tension could escalate into a trade war, Nene said. "There is a consensus that current trade tensions pose one of the biggest challenges to strong and sustainable growth."
He said quite a few countries, including SA, were opposed to a protectionist approach. "The spillover effects could filter through to the investment plans of our trading partners," he said, with small, open economies such as SA particularly vulnerable. Kganyago said: "There is stupidity in protectionism. It is stupid. You can’t produce everything in your countries. That...
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