Global trade switches from U.S. to BRICS - report

The BRICS member countries will expand trade cooperation despite U.S. President Donald Trump's threats to impose 10% tariffs on any country that supports the "anti-American policy" of the association, The New York Times reported.

According to the publication’s estimate, the White House's aggressive trade policy has had the opposite effect: the world's largest economies prefer to trade with each other in order to be less dependent on the U.S.

"Yet, instead of rushing to strike trade deals with the United States, the world’s largest developing economies have other plans. At a two-day gathering in Rio de Janeiro, members of the BRICS group...vowed to deepen ties and mulled ways they could cut red tape to make it easier to trade with one another," the report reads.

It was noted that the effort to increase trade within the BRICS group highlights how Trump’s tariffs are redrawing global economic relations and pushing America’s trading partners to other markets.