hashem: so, what is brics?ussia, india, china, and south africa an association , of the world's five major emerging economies. together, the countries form a powerful economic bloc representing 41 of the world's population. they account for the total value of goods produced and services provided in the world per year , and 16% of the value of global trade. ♪ let's bring in our guests. in beijing, einar tangen is a senior fellow at the taihe institute. in cape town, sanusha naidu is a senior research fellow at the institute for global dialogue, a south african think tank focusing on china and africa. in williamsburg, virginia, nancy snow is a visiting distinguished professor at tsinghua university's schwarzman scholars program. welcome to the program. einar, when the chinese lead talks during the talks about the need to boost multilateral cooperation and ask the brics to condemn or to reject what he described as a cold war mentality and bloc confrontation , was he sending a message to the biden admistration? >>

we have the brics virtual summit being hosted by china. and already xi jinping, not mentioning the u.s. directly, but stopping about how we could see the international community being divided into mutually exclusive zones. the president really trying to offer that alternative to western-dominated global governance. india, south africa and brazil are joining the virtual summit this week. geopolitics is so much to do with economic power. jay powell's remarks at the senate banking committee are so important to give us a measure of where we are when it comes to a potential inflation fears and recession fears. take a listen. chairman powell: it is our goal. it has been made significantly more challenging by the events of the last few months, the war, commodity prices, further problems with supply chains. the question of whether we are able to accomplish that is going to depend on some extent on factors we don't control. shery: joining us now is the bloomberg chief u.s. economist an hour-long. i don't know how to take -- chief u.s. economist ann

vonnie: leaders of the brics say they oppose green berries that could restrict global trade.ia, china and south africa slammed trade measures aimed at addressing climate change in developing countries. the group also called for international bodies -- the most-watched oil report won't be out this week because of technical issues. the energy information administration report is read by oil traders around the world that was affected by a power problem. eia says it is working to solve the issues. it's natural gas report is the only publication not affected by the outage. the south african finance minister said commodity prices will weigh on the deficit for the foreseeable future. deficits have been ballooning as the weaker yuan and the russian war in ukraine drive up costs. we are told tackling inflation remain a priority. >> as we rely on outside sources for energy and crops, it has been having a negative impact on experts. i expect outward pressure on prices will continue for some time. vonnie: global news, 24 hours a day, on air and on bloomberg quicktake, powered by more tha

he says moscow is shifting trade to the so-called bric countries which include china, india, brazil and south african. mr. putin made the remarks at a virtual summit of the group wednesday. he said russia's trade with bric members soared 38% in the first quarter this year, most of that period covers the time before the invasion of ukraine. >>> our reporters are standing by to cover all aspects of these stories. ivan watson is joining us from hong kong. but first to nic robertson who is in brussels for the latest summit of eu members. good to have you both with us. so uk's president has spoken to almost a dozen european leaders as they condition ukraine for eu membership, but it will be a long process. >> reporter: it is. but this is an important step, a decisive moment for the european union is somehow shon michelle framed it as he went into the meeting this morning. he said that it would be a geopolitical decision for the leaders. it does appear as if the leaders are lined up behind the decision. you can't sort of roll any last minute wrinkles out frtd discussion. but the longer proces

charles: there is small story how emboldened the "bric" nations are.bric" was big 10 years ago fading away. maybe they can take us down again. natalie, that was concise to the point. >> thanks for having me. charles: of course, reminder, folks join me in the studio for town hall inflation in america, survival guide. email us at invested in you @fox.com. lance roberts is coming up. we've been talking about this. is it time? have we hit the bottom? does it even matter? is everything inevitable? we'll be right back. ♪ welcome to your world. your why. what drives you? what do you want to leave behind? that's your why. it's your purpose, and we will work with you every step of the way to achieve it. ♪. charles: have you noticed something the word inevidentable is being used everywhere, even folks on the opposite side of the debate, no, it is inevitable, no, it is nesterrable. if economic outcomes are inevitable why the drama? we have lance roberts with us. lance, inflation, recession, recovery, is that the inevitability we always have to live through? >> i

got the nato news, what is going unnoticed in the mainstream media what is happening with so-called "bricwere hot 10 years ago. we forgot about them. they're getting larger. more countries say they want to be part of that. meanwhile the ruble is higher. some are saying it is the hottest currency in the world. russia has more cashing than ever before. you get another 100 million or more people to join this "bric," brazil, russia, india, china, south africa, does that become some sort of a threat to the west and to nato and these other, these other alliances? >> well, i think we have to keep an eye on it, charles. we are in the middle of a very, very dynamic global environment. people are watching to see where is the united states going to go? are we a safe bet? president biden is not acting like he is leading a superpower. he is acting like we are a middle power, that we can back bench. see what the germans are willing to do with nato, see what the french are willing to do, defer to macron, defer to what every other countries want to do, act like the superpower we are. the longer ukrainian

the "bric" leaders are aligned as anti-corporatists.ieve corporations wield too much power and control too much american policy. i have less than a minute. unfair to cram your answer into that but i love to hear what you think? >> sure n china you have state-owned enterprises and russia have oligarchs. they're clearly subordinate to the government. nobody thinks that is a free enterprise system even though they exist. u.s. has a worst problem. we say we have free enterprise but the corporations are working hand-in-glove with the biden administration. that by the way is classic definition of facism. fascism is not totalitarian. fascism when the government and corporations work together. you look at facebook suppressing free speech. disney with their own agenda, a lot of anti-family behavior on the corporations that is scarier when government and corporations are in it together. i think you're right about the pushback of big corporations. charles: jim wish we had more time. it is always fascinating to discuss these things with you. thank

brics influence growing with every year. it is an objective process because they are well known for having enormous political, economic, scientific, and social attention. we have all the opportunities to work together effectively and develop global stability and security, sustainable growth, prosperity, and improvements to the well-being of the population. amy: afghan officials say the ath toll fm wednesd's earthquake has risen to at least 1150. over 10,000 homes were destroyed or damaged in the largest earthquake to hit afghanistan in over 20 years. at least five more people died earlier today in a strong aftershock. many afghans lost multiple relatives in the quake. >> the quake happened at night. i was not here myself, but my brothers were here. that is my brother. that one. they were here. the quake suddenly have a net t night. 12 people of my family were martyred. two of the injured were my brothers. amy: the international red cross is calling on nations to release afghanistan's foreign exchange reserves in the wake of

leader of the people's republic of china xi jinping said during a video address at the opening of the brics business forum. ukraine, which pansy also called a crisis, showed again. in his opinion, security cannot be maintained by force and the expansion of blocs. well, this is in his opinion, and then he repeated the already known russian formula that no country in the world can strengthen its own security at the expense of the security of other countries. although he called on the parties to restore peace, although it would be better to turn to one of the russian sides, that is, he repeated everything that putin said a few months before the start of his invasion of ukraine ukraine will not become a member of the european union as early as tomorrow morning, but it will receive the status of a candidate for joining the eu tomorrow or the day after tomorrow, the minister delegate for european affairs at the ministry of foreign affairs in france kleman also made a statement bon, in an interview with europa-1 radio station, according to him, there will be no exceptions to kyiv's accession proce

we been criticizing sanctions for stroking economic pain in speech kicking off this year's bric summiteaponizing the world economy using a dominant position in the global financial system to wantonly impose sanctions will only hurt others as well as oneself. leaving people around the world suffering. dani: i know we are both enthusiastic to hear from tom mackenzie. what did we learn from his speech about growth in the wider geopolitical story? >> there's speculation to whether officials and beijing will stick to their growth target of 5.5%. the pressures been put on the economy from this covid zero policy. he did reiterate this. it's the first time we have heard on senior officials on the growth target. stood up. the vast majority of economists think it is going to be a significant challenge for china to meet that growth target. most have downgraded the growth target to 4.1% for the year. it is not just covid zero, but the crackdown. you're still a long way away, from building up the consumer and exports that we saw in 2021. if you get a recession in key markets, like the u.s. and euro

we call them brics because they are emerging economies, but also they are related to the u.s. what is the message president xi was trying to send? john: i think china sees geopolitics no matter where it is around the world in the lens of beijing vis-a-vis washington. i think with the invasion of ukraine, xi jinping is using this opportunity to speak to this audience in the emerging markets which may be did not have that much skin in the game when it came to ukraine but is now feeling the repercussions of not only the sections, but of higher commodity and food prices as a result of the invasion, trying to speak to the audience and gather support for china's position which is diplomatically supporting russia. but also, trying to put much of the blame for the conflict on the u.s. when it comes to nato and its expansion in eastern europe. haidi: we know that there are expectations for a -- in coal sometimes this summer. are the tariffs on china likely to be reviewed at this point? john: all the noise that we are hearing out of washington at the moment is that yes, there -- they wi

vonnie: leaders of the brics nations say they oppose green barriers that could restrict global trade.razil, russia, china, india, and south africa slammed trade pressures. in their joint declaration after the virtual summit hosted by beijing, the group also called for reforms to international bodies such as the wto and imf . new york's transportation authority says it is drafting rules to keep weapons of mass transit, this after the supreme court struck down a state law limiting who can carry a handgun in public. the landmark ruling is possibly meaning more guns on the streets of all american cities. it comes as a u.s. senators are moving towards approving new gun safety measures after recent mass shootings in new york and texas. a major inquiry into australia's mining sector has uncovered dozens of cases of sexual abuse and harassment of women in the industry. a report by the west australian government described those incidents as horrific. bhp and rio tinto are among those named in the investigation, which recommends compensation for some workers. global news, 24 hours a day, on air

the brics heads of state was held via videoconference, of course.utin informed his colleagues in detail about the latest events and about his vision of the ukrainian conflict, they talk about the politics of the west and the notorious food crisis, the russian president recalled queen marie antoinette, who allegedly advised rebellious hungry parisians to eat cakes in the absence of bread. this is the kind of cynicism that both the european union and the united states are now demonstrating in words, worried that ukrainian grain for children cannot get into a third world country, but in fact, provoking world hunger. by imposing restrictions, for example, on the supply of russian and belarusian fertilizers, making it difficult to export russian grain to world markets, by the way, we are planning a good harvest. god will give. everything will be fine , and we will probably be able to deliver from 37 million tons to the world market this year. hmm. to put on the market 50 million grains. e, nevertheless, insurance becomes more complicated and, e, transpor

jefferson realized that the signature look of his buildings would come from the brics he used instead so, here is an older picture of monticello, you can see some of the ideas that he brought back. between the building materials, between the roman buildings he saw, the newer french buildings. he mix them altogether and he said it is a lot of creativity and come up with his own ideas for a building. throughout the travels, as i said, we went on these trips that were great adventures. even going to the top of koala was this madcap adventure, it was kind of dangerous. we are going around all these curves. we certainly experienced a lot. and we learned a lot when we went back home to virginia, to try to understand how to put his ideas and practice. excuse me. but what i learned more and more as the troops went on and i realized i had to deal with, in a really significant way as i contemplated jefferson, as i thought about these travels, was the issue of slavery. of course, i knew that jefferson, obviously, was a slave owner, it was a disappointing fact that i thought about before my trip.

go to dayb in the bric app.ustomize your settings so that you get the news on as industries, and assets that you care about. this is bloomberg. ♪ >> we have decided to keep some of those tariffs because we need to protect american workers. we need to open it our steel -- we need to protect our steel industry. household goods, etc., it may make sense. shery: the possibility of lifting tariffs on some items to contain inflation. steel and aluminum will see the end of tariffs soon, it is a matter of national security and are there to protect all american steel industries and their workers. the biggest port has recovered from the low-level activity in april. 2.4 million in may, and percent less than a year earlier. saudi arabia raised oil prices more than expected. hoping to boost demand. the july shipments resuming a streak of hikes that started in february. shery: we are saying it reflected across prices in wti. above 120 dollars a barrel. we see gains above eight. this is as we have already opec-plus disappointin

brics party? how do we describe the whig party? they are the constitutional monarchy, anti monarchy, by taking the name whig party, jackson's opponents said that he is more like king andrew than a democrat. he might say he's doing it in the name of the people, but the way he rolls is more like a king. so when the supreme court said, it was unconstitutional for georgia to extend its laws over cherokee territory, jackson said, i don't care. the supreme court has no way to enforce that. georgia just want to head, and jackson went ahead with the indian removal. jackson, it was under jackson in 1827 the democratic republican party, the only party left really after the war of 1812 renamed itself the democratic party. there, they had a cultural party, they were the party of the farmer, we talk about some of the stuff last time with the market revolutions. these are the people, more nervous about those market revolution changes. they were the democratic party. jackson, it's figurehead at least, his protegee was a man from tennessee name ja

chinese markets out foothill ranch bric.mixed bag -- chinese markets are out for a lunch break. commodities, a mixed bag. haslinda: we have the csi 300 index on the cusp of a possible bull market, just 3.5% away. and the hang seng index, it is about tech, but other sectors are in positive territory. plenty more ahead. this is bloomberg. ♪ millions have made the switch from the big three to xfinity mobile. that means millions are saving hundreds a year on their wireless bill. and all of those millions are on the nation's most reliable 5g network, with the carrier rated #1 in customer satisfaction. that's a whole lot of happy campers out there. and it's never too late to join them. get $250 off an eligible 5g phone with xfinity mobile. take the savings challenge at xfinitymobile.com/mysavings or visit your xfinity store and talk to our switch squad today. rishaad: 11:29 a.m. in shanghai as the chinese markets go on a lunchtime break. just under a minute before that. we are seeing equities getting a bit of a boost the shanghai

meanwhile, right now a summit of the emerging markets underway, hosted by china, it's known as the bricschina's year-end economic goals ahead of the summit. .xi saying we will step up macroeconomic policy adjustment and adopt more forceful measures to deliver economic and social development goals for the whole year. joining me now is the gatestone institute senior fellow, the author of the coming collapse of china, he is gordon chang. gordon, it's great to see you. thank you very much for being here. can you translate that into english, china is aiming for a 2022 gdp growth target of 5.5%. but you know that the country has been shut down in many corners, investment analysts have cut their forecasts because of the covid shutdown and now the ccp led xi jinping says they're going to get to those targets and make sure they hit 5.5% growth. >> yes. i'm sure they'll report 5.5% growth. but clearly they cannot make it. so for instance, in april clearly the economy was in contraction, probably the same thing in may. i think the second quarter if they report more than 0.5% growth, it will be a fi