India pushes BRICS to fix trade gaps as China rallies for unity
The post India pushes BRICS to fix trade gaps as China rallies for unity appeared on BitcoinEthereumNews.com. India told the BRICS bloc on Monday that it wants trade gaps fixed fast, especially with countries inside the group. External Affairs Minister S. Jaishankar said, “Our biggest trade deficits are with BRICS partners,” during a virtual summit that didn’t include Prime Minister Modi, who had just returned from the Shanghai Cooperation Organization summit in China. That visit was seen as a signal that India might be warming up to Beijing, even while tensions with Washington grow. While India pushed for economic correction, the rest of the BRICS countries didn’t hold back either. Brazil, which hosted the meeting, called the U.S. tariffs “blackmail.” Trump’s tariffs have slammed both countries with taxes as high as 50%, far worse than the 30% he slapped on Chinese products. The BRICS bloc, which includes Brazil, Russia, India, China, and South Africa, has been accused by Trump of running “anti-American policies.” Jaishankar calls out trade imbalance with BRICS nations India said that the trade gap with China is getting out of control, as India’s trade deficit with Beijing hit $99.21 billion, an all-time high. Moreover, Chinese customs data released on Monday shows China scored a $77.7 billion surplus with India just by August, up 16% from last year. Imports from China keep going up, and New Delhi isn’t thrilled. “The BRICS itself can set an example by reviewing trade flows among its member states,” Jaishankar said. He also made it clear that India has been demanding “expeditious solutions” to fix these one-sided trade numbers. The story is the same with Russia. India’s trade with Moscow hit $68.7 billion this fiscal year, and most of that is driven by oil imports. But that number comes with a catch—India ran a $59 billion deficit in that deal too. This isn’t just about numbers. India’s message to BRICS…
The post India pushes BRICS to fix trade gaps as China rallies for unity appeared on BitcoinEthereumNews.com.
India told the BRICS bloc on Monday that it wants trade gaps fixed fast, especially with countries inside the group. External Affairs Minister S. Jaishankar said, “Our biggest trade deficits are with BRICS partners,” during a virtual summit that didn’t include Prime Minister Modi, who had just returned from the Shanghai Cooperation Organization summit in China. That visit was seen as a signal that India might be warming up to Beijing, even while tensions with Washington grow. While India pushed for economic correction, the rest of the BRICS countries didn’t hold back either. Brazil, which hosted the meeting, called the U.S. tariffs “blackmail.” Trump’s tariffs have slammed both countries with taxes as high as 50%, far worse than the 30% he slapped on Chinese products. The BRICS bloc, which includes Brazil, Russia, India, China, and South Africa, has been accused by Trump of running “anti-American policies.” Jaishankar calls out trade imbalance with BRICS nations India said that the trade gap with China is getting out of control, as India’s trade deficit with Beijing hit $99.21 billion, an all-time high. Moreover, Chinese customs data released on Monday shows China scored a $77.7 billion surplus with India just by August, up 16% from last year. Imports from China keep going up, and New Delhi isn’t thrilled. “The BRICS itself can set an example by reviewing trade flows among its member states,” Jaishankar said. He also made it clear that India has been demanding “expeditious solutions” to fix these one-sided trade numbers. The story is the same with Russia. India’s trade with Moscow hit $68.7 billion this fiscal year, and most of that is driven by oil imports. But that number comes with a catch—India ran a $59 billion deficit in that deal too. This isn’t just about numbers. India’s message to BRICS…
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