Lula Fires Back: Brazil’s Defiant Stand Against U.S. Tariff Threats at BRICS Summit

BRICS summit turns into a geopolitical battleground as Brazil's President Lula slams U.S. trade pressures.

No more Mr. Nice Guy: Latin America's largest economy draws a line in the sand.

While Wall Street hedges its bets, emerging markets show they won't be bullied—even if it means shaking up the global trade order.

(And let's be real—when has protectionism ever worked out for the guys holding bags of fiat?)

Brazilian President calls for a slow shift from the dollar in trade

On Monday, Lula again called for reducing dependence on the dollar in trade settlements. “The world needs to find a way that our trade relations don’t have to pass through the dollar,” he said. He added that any change must be gradual and coordinated through discussions among central banks until new arrangements are solidified.

Cyril Ramaphosa, President of South Africa, said that the bloc does not want to single out one power. He was confident that there could still be a trade agreement between the U.S. and South Africa.

In Beijing, Foreign Ministry spokesperson Mao Ning said that tariffs “should not be used as a tool for coercion and pressuring”. She stressed that the BRICS framework promotes mutually beneficial collaboration and is not aimed at any particular nation.

A Kremlin spokesperson echoed that view, saying Russia’s cooperation with BRICS is based on a shared global outlook and “will never be directed against third countries.”

India stayed silent towards Trump’s threat. Indonesia’s coordinating minister for economic affairs, Airlangga Hartarto, who attended the summit in Rio, was scheduled to fly to Washington on Monday to lead discussions on U.S. tariffs.

Malaysia, which joined as a partner after its 24 % tariffs were removed, said it maintains independent economic policies and does not align itself on ideological grounds.

With forums such as the G7 and G20 hampered by divisions and Washington’s “America First” approach, BRICS has positioned itself as a forum for multilateral diplomacy amid rising trade conflicts and regional tensions. In a combined statement on Sunday, summit leaders condemned the recent bombing of Iran and warned that growing tariff barriers threaten the stability of world trade, a veiled critique of U.S. policy.

BRICS first came together in 2009 with Brazil, Russia, India and China. South Africa joined in 2010, and last year the group expanded to include Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates.

Saudi Arabia has accepted an invitation to full membership but is attending this summit only as a partner. More than 30 nations have expressed interest in joining BRICS as either full members or partners.

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