BRICS Allows 183 Companies Direct Market Access to Bypass Tariffs
China has authorized its BRICS counterpart, Brazil, to free market access to bypass US tariffs. Trump imposed 50% tariffs on Brazil, where coffee exporters are the hardest hit. One third of coffee supply to the US comes from Brazil, and coffee drinkers in America might see their brew turn expensive if importers don’t absorb the tariff costs. BRICS member China is helping other countries bypass the US tariffs by allowing free access to its market. China has granted 183 coffee companies in Brazil to export their coffee to the domestic market. No import duties will be imposed, making Brazilian coffee companies gain from the new trade development, reported Brazil’s local outlet Band News. Therefore, what Brazilian coffee firms spend to send to the US can be recovered from the Chinese markets. The move is a win-win situation for BRICS members China and Brazil, as it gives them the opportunity to bypass tariffs. The agreement is valid for the next five years until 2030, when Trump...