Rio de Janeiro, Brazil – The BRICS bloc concluded its 17th annual summit in Rio with a unified response to rising global protectionism, following remarks by former U.S. President Donald Trump threatening punitive tariffs on nations aligning with BRICS objectives.
Though not directly named, the summit’s final communiqué strongly criticised “unilateral and coercive economic measures,” warning such practices jeopardise the multilateral trading system. Brazilian President Luiz Inácio Lula da Silva, chairing the summit, did not mince words, stating:
“We don’t want an emperor, those days are over.”
His rebuke was widely seen as a direct response to Trump’s proposed 10 percent tariff on so-called “anti-American” trading blocs.
The heightened rhetoric comes amid growing BRICS ambitions to reshape the global financial architecture.
Central banks from the 11-member group have agreed to accelerate efforts to settle trade in local currencies and expand the pilot of BRICS Pay, a cross-border payment platform seen as an alternative to dollar-dominated systems.
The bloc’s move signals a coordinated response to currency volatility and geopolitical risk linked to dollar dependence.
Ethiopian Prime Minister Abiy Ahmed welcomed the initiative, stating that Africa’s economic resilience hinges on “a more equitable and inclusive financial order free from external pressure.”
Despite leadership absences from China and Russia, the summit demonstrated cohesive resistance to economic coercion and underscored BRICS’s growing stature as a counterweight to Western financial hegemony.
As the bloc advances its de-dollarisation agenda, it seeks not confrontation but autonomy, anchored in economic sovereignty and multilateral reform.