China-led fightback against Trump’s tariff tantrums likely at Brics meeting in SA
SA is likely to provide a platform for a China-led fightback against Donald Trump’s protectionist agenda, as it hosts counterparts of the Brics group of nations. The annual summit of the coterie of emerging economic powers first identified by former Goldman Sachs Asset Management chairman Jim O’Neill is the 10th since its leaders started meeting, and the first since the prospect of a full-blown global trade war became a real threat. The Brics group encompasses Brazil, Russia, India, China and SA. Chinese President Xi Jinping has already used his visit to the country to forge friendships and consolidate influence with multibillion dollar investments in Africa, including SA, which counts China as its biggest trading partner. Xi’s country has the most at stake in a potential trade conflict, accounting for the bulk of the combined GDP of about $17-trillion that Brics represents. "I expect to see a bold, sweeping statement led by the Chinese side that will condemn protectionism and de-gl...
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