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BRICS emerging country leaders – Brazil, Russia, India, China and South Africa – will meet in Johannesburg this week, with the threat of a global trade war worsening.
Donald Trump's hardening of the position worsened fears of a total trade war after taxing goods from China worth tens of billions of dollars as well as tariffs on steel and aluminum from the EU, Canada and Mexico.
Chinese President Xi Jinping and Indian Prime Minister Narendra Modi will attend Wednesday's annual three-day summit in Johannesburg.
Earlier this month, China announced that it would strengthen its cooperation with other developing countries such as the BRICS.
China on Monday rejected Trump's accusations that it was manipulating the yuan to give an advantage to its exporters, saying Washington seemed "wanting to provoke a trade war." Rump said that he was ready to impose tariffs on all 500 billion dollars of Chinese imports, complaining that China's trade surplus with the United States is due to an unfair manipulation of the currency. China's Foreign Minister Maxim Oreshkin said last week on the eve of the Johannesburg meeting, said the Chinese Foreign Ministry spokesman about Trump's threat to impose tariffs on Chinese products
. that "this summit is about the context – we are at a time when the US and China are announcing new measures almost every week"
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