Economic and political rivals met this week to improve partnerships as a counterweight to Western economies.
Economic and political rivals met this week to improve partnerships as a counterweight to Western economies.
Transcript
Economic and political rivals met this week to improve partnerships as a counterweight to Western economies.
The economic grouping known as BRICS- Brazil, Russia, India, China and South Africa - invited 31 other developing nations to Kazan, Russia, to discuss working together on the world stage.
Representing 45 percent of the world's population and 35 percent of the global economy, the group seeks ways to turn expected economic growth into financial and political leverage. Egypt, Ethiopia, Iran and the United Arab Emirates have become members of the coalition; Turkey and Saudi Arabia are seeking entry.
Although the group is informal, one discussed goal is moving away from the dollar as their primary trade currency, reducing the influence of the United States on international trade.
Yet some observers believe that regional rivalries will limit the potential of a BRICS economic bloc as they attempt to supplant the leadership of the G7. China and India, the group’s two most populous countries, also share a contested border. However, trade between the world’s 2nd and 5th largest economies is small at nearly $115 billion in 2023, mostly on Chinese imports. China and Russia maintain a lukewarm relationship. Total trade between the two world superpowers is at $240 billion in 2023 with a larger amount of exports heading to Russia. As a point of comparison, trade between the U.S. and China hit $575 billion in 2023.
For Market to Market, I’m Peter Tubbs.
Watch More
The Farm Bill clears the House with an unknown future. The Supreme Court takes up the issue of cancer warnings for RoundUp. Extremes in weather from tornadoes to rain to wildfires hit across the country. And, commodity market analysis with Arlan Suderman.
Cotton, Hormuz Straight, inflation, energies, the Mexican border closure, drought and the Fed's balance sheet are all topics covered in our Market Plus.
Arlan Suderman breaks down the impact of global weather on the wheat, corn and soybean markets in addition to inflation already showing up in commodities in our Market Analysis
After three years of delays, the U.S. House passed a new version of the Farm Bill. The bill now goes to the U.S. Senate.
A week of fires, floods and severe weather covered much of the country.
Attorneys gave oral arguments were given in front of the U.S. Supreme Court this week over whether or not labels on the controversial herbicide Roundup needed to be specific about being a potential cancer risk.
