Beijing will deepen cooperation with fellow members of the economic bloc, the Foreign Ministry has said
China will continue to expand cooperation with fellow members of the BRICS economic bloc despite the threat of tariffs by US President-elect Donald Trump, Foreign Ministry Spokesman Lin Jian said on Tuesday.
Trump recently warned that BRICS countries will be hit with 100% tariffs on their goods if they create a new currency or back an existing one as a rival to the dollar.
BRICS previously comprised Brazil, Russia, India, China, and South Africa, and was expanded in January to include Egypt, Iran, Ethiopia, and the United Arab Emirates. Around 30 other nations have expressed interest in joining the group of emerging economies.
The group is an important platform for cooperation among emerging markets, and its aim is to achieve comprehensive development and prosperity, not to engage in “bloc confrontation” or “target any third party,” Jian said at a briefing on Tuesday.
“China stands ready to continue working with BRICS partners to deepen practical cooperation in various fields and make more contribution to the sustained and steady growth of the world economy,” the diplomat said.
In a post on his Truth Social platform on Saturday, Trump said he would ask the BRICS nations to promise not to create a common currency, “nor back any other currency to replace the mighty US dollar,” or they will face 100% tariffs on their goods imported to America.
Trump has vowed to use tariffs to settle US trade deficits, force offshore manufacturers to return, and achieve a range of geopolitical goals.
Russian President Vladimir Putin said in June 2022 that the bloc’s members were looking into the possible creation of an international reserve currency. The statement came shortly after Western nations slapped Ukraine-related sanctions on Moscow which effectively cut it off from the dollar-denominated financial system.
In 2023, Brazilian President Luiz Inacio Lula da Silva said he was in favor of creating “a trading currency” within the bloc, “just like the Europeans created the euro.”
Last month, however, Putin said it was too early to talk about a common BRICS currency as the member economies needed further development and integration first.
In response to Trump’s threat, South Africa also denied on Sunday that the bloc was planning to create a new currency.
Instead, BRICS countries have pledged to set up a cross-border payment system to function alongside the Western SWIFT network and increase their use of local currencies in international trade.
