06:18South African President Cyril Ramaphosa said unilateral tariffs posed a 'great hardship [and] danger' to Global South, during an extraordinary virtual meeting of BRICS leaders on Monday.
“We are witnessing seismic shifts in global trade that present both challenges, as well as opportunities in the reordering of the global economy," he said. "There is a shift from a unipolar to a multipolar world. This moment is marked by intensifying global competition and growing geopolitical tensions."
"Unilateral tariff actions are contributing to an increasingly protectionist environment, which poses great hardships and danger for the countries of the global South," he added, referring to those imposed by the Trump administration.
"The uncertainty of the new trading regime has already negatively affected employment levels in my own country, South Africa, and is an obstacle to our economic growth," he added. "We are therefore supportive of meaningful BRICs initiatives that improve the resilience of our economies as BRICs countries and those of the Global South, and also strengthen the global multilateral system."
The US hit South Africa with 30 percent tariffs, among the highest on the continent. Global South nations are increasingly turning away from the US towards new and expanding markets across Africa, Latin America and Asia.
The BRICS group now covers nearly half the world’s population and a third of the global economy.
Unilateral tariffs pose 'great hardship, danger' to Global South - Ramaphosa at extraordinary BRICS summit
South African President Cyril Ramaphosa said unilateral tariffs posed a 'great hardship [and] danger' to Global South, during an extraordinary virtual meeting of BRICS leaders on Monday.
“We are witnessing seismic shifts in global trade that present both challenges, as well as opportunities in the reordering of the global economy," he said. "There is a shift from a unipolar to a multipolar world. This moment is marked by intensifying global competition and growing geopolitical tensions."
"Unilateral tariff actions are contributing to an increasingly protectionist environment, which poses great hardships and danger for the countries of the global South," he added, referring to those imposed by the Trump administration.
"The uncertainty of the new trading regime has already negatively affected employment levels in my own country, South Africa, and is an obstacle to our economic growth," he added. "We are therefore supportive of meaningful BRICs initiatives that improve the resilience of our economies as BRICs countries and those of the Global South, and also strengthen the global multilateral system."
The US hit South Africa with 30 percent tariffs, among the highest on the continent. Global South nations are increasingly turning away from the US towards new and expanding markets across Africa, Latin America and Asia.
The BRICS group now covers nearly half the world’s population and a third of the global economy.
South African President Cyril Ramaphosa said unilateral tariffs posed a 'great hardship [and] danger' to Global South, during an extraordinary virtual meeting of BRICS leaders on Monday.
“We are witnessing seismic shifts in global trade that present both challenges, as well as opportunities in the reordering of the global economy," he said. "There is a shift from a unipolar to a multipolar world. This moment is marked by intensifying global competition and growing geopolitical tensions."
"Unilateral tariff actions are contributing to an increasingly protectionist environment, which poses great hardships and danger for the countries of the global South," he added, referring to those imposed by the Trump administration.
"The uncertainty of the new trading regime has already negatively affected employment levels in my own country, South Africa, and is an obstacle to our economic growth," he added. "We are therefore supportive of meaningful BRICs initiatives that improve the resilience of our economies as BRICs countries and those of the Global South, and also strengthen the global multilateral system."
The US hit South Africa with 30 percent tariffs, among the highest on the continent. Global South nations are increasingly turning away from the US towards new and expanding markets across Africa, Latin America and Asia.
The BRICS group now covers nearly half the world’s population and a third of the global economy.