International News 30 April 2025
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BRICS unite, prepare tactics to face Trump's tariff onslaught
Foreign ministers from the BRICS countries (Brazil, Russia, India, China, and South Africa) met in Rio de Janeiro with representatives from six additional countries. The agenda for the meeting included discussions on defending the global trading system and coordinating a coordinated response to the recent wave of tariffs imposed by US President Donald Trump. The ministers are expected to release a joint statement that criticises unilateral measures on trade and reaffirms the importance of multilateral trade negotiations. The expanded BRICS group, which now includes Egypt, Saudi Arabia, the United Arab Emirates, Ethiopia, Indonesia, and Iran, is facing significant challenges from US trade actions. Tariffs of 145% are being applied to Chinese exports to the US. While China advocated for a firmer position in the final statement, sources indicate that the text will be critical but not confrontational.
https://internasional.kontan.co.id/news/brics-bersatu-siapkan-taktik-hadapi-gempuran-tarif-trump
Trump to Reduce Impact of Automotive Tariffs, Lower Import Duties on Vehicle Parts
The Trump administration is planning to lessen the impact of its automotive tariffs by reducing import duties on foreign parts used in domestically produced cars. However, it should be noted that these reductions do not apply to cars made overseas. Howard Lutnick, Secretary of Commerce, has stated that this move is a win for the President's trade policy, as it rewards domestic manufacturers and encourages investment in American production. Automakers had been hoping for a waiver on auto tariffs before President Trump's trip to Michigan, a major production hub for Detroit's automakers and suppliers. Last week, a coalition of US auto industry groups made an appeal to Trump to reconsider the imposition of a 25% tariff on imported auto parts, as this would have a negative impact on vehicle sales and lead to increased prices. The President has previously announced his intention to impose this tariff on auto parts.