Chinese FM calls on BRICS to stand up against protectionism
Apr 29, 2025
59:45
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Quick takeaways
Chinese Foreign Minister Wang Yi urged BRICS nations to embrace multilateralism and combat protectionism to promote global free trade.
The U.S.-initiated trade war has prompted countries like Brazil to seek new markets, impacting international trade dynamics and partnerships.
Egypt is adapting its economic strategies to the U.S. tariffs, aiming to attract foreign investment while seeking new trade alliances.
Deep dives
China's Call for Multilateralism at BRICS
Chinese Foreign Minister Wang Yi emphasized the need for BRICS nations to reject protectionism and strengthen multilateralism during a recent meeting in Brazil. Advocating for a mutually beneficial trading system, he criticized the unilateral actions taken by the United States that compromise international interests. Wang also highlighted the importance of cooperation and mutual support among BRICS members, particularly in light of increasing geopolitical tensions and economic challenges. The discussions were set against a backdrop of rising U.S. tariffs and called for reinforcing the global trading framework to promote free trade.
Impact of U.S. Tariffs on Global Trade
The ongoing trade war initiated by the United States has led to significant shifts in international trade dynamics. Reports indicate that many foreign companies in China are looking to reduce their business with the U.S. and instead explore emerging markets to mitigate losses. Brazilian beef producers, in particular, are preparing to capitalize on opportunities created by U.S. tariffs on American meat exports, as they stand ready to supply beef to China. This reflects a broader trend where countries are seeking to diversify trade partnerships in response to U.S. economic policies.
India-Pakistan Border Tensions Escalate
The Indian Army has reported responding to unprovoked attacks across the Line of Control from Pakistani positions, marking a significant escalation in military tensions between the two nations. This surge in hostilities comes in the aftermath of an attack in Indian-controlled Kashmir, further complicating diplomatic relations. In retaliation, India has initiated a crackdown, detaining numerous individuals while revoking medical visas for Pakistani citizens. Both nations remain at a critical juncture, with fears of an impending military confrontation should negotiations falter.
Economic Shifts for Egypt Amid U.S. Tariffs
Egypt is undergoing a strategic shift in its economic policies as it navigates the consequences of U.S. tariffs imposed under President Trump's administration. The country is negotiating with the U.S. to adjust tariffs affecting its exports, particularly in textiles, while also seeking to expand its ties with other nations to mitigate any negative impacts. Officials believe that these developments may provide Egypt with opportunities to attract foreign investment from companies looking to relocate out of higher-tariff regions. This proactive approach illustrates Egypt's aim to bolster its economy amidst evolving international trade environments.
Chinese Cruise Industry Achievements
China has marked a significant advancement in its cruise industry with the successful floating of its second domestically built large cruise ship, Adora Flora City. The construction of this vessel has been notably faster than its predecessor, showcasing improvements in building techniques and technology integration. This achievement is set to enhance China's position in the global cruise market as the country continues to invest in shipbuilding capabilities and innovative designs. The new ship is expected to make its debut in the coming years, further reflecting China's ambition in the high-quality development of its maritime industries.
Chinese Foreign Minister Wang Yi has stressed multilateralism and free trade at a BRICS meeting in Brazil (01:05). The American public has complained about U.S. economic policies barely 100 days after President Donald Trump began his second term in office (12:17). And Canadians have voted to keep Mark Carney as prime minister amid threats from the United States (16:11).
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