Russia's GDP slows below 2% due to Trump's tariffs against BRICS

Russia's GDP growth in 2025 will slow down to an average of 1.5-1.7% against the background of new foreign policy risks, analysts polled by Izvestia believe.

Interaction platform: Putin proposed to the BRICS countries to multiply their mutual investments

How was the first day of the Unification Summit in Rio de Janeiro?

The reason is the trade duties against the BRICS countries, which were announced by US President Donald Trump. On July 6, he promised to introduce a 10% tariff for all states that "support the anti-American policy" of the organization.

According to the American administration, BRICS is a mechanism that will strengthen the negotiating positions of the organization's member countries regarding a new trade agreement with the United States, said independent expert Andrei Barkhota. They can redirect export flows from America to the markets of the union countries.

However, Trump's extra duties are primarily aimed at the main BRICS members — China, India and Brazil, the expert believes. He added: in the future, tariffs may extend to South Africa and African countries.

Despite the fact that Russia is a member of the BRICS, the direct effect of Trump's duties on the country will be small, because trade between Moscow and Washington is already minimal due to sanctions, Andrei Petrov, director of work with wealthy clients at BCS World Investments, drew attention. By the end of 2024, it amounted to only $3.5 billion, the lowest since 1992.

Any trade wars provoke a decrease in global demand and increased uncertainty, which already leads to lower prices for raw materials, the expert believes.

Read more in the exclusive Izvestia article:

Avoid tariffs: Russian GDP growth slows below 2% due to Trump's tariffs against BRICS