BRICS Rift Widens: India Demands Trade Balance as Bloc Pushes Back Against U.S. Tariffs

by | Sep 9, 2025 | Market News | 0 comments

Introduction

Global markets are on edge as India urged BRICS members to address internal trade imbalances during a tense summit that also saw the bloc rally against U.S. President Trump’s sweeping tariffs. With India’s trade deficit with China hitting a record $99.2 billion, and its deficit with Russia widening to $59 billion, New Delhi is pressing for “expeditious solutions” within BRICS.

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European brokers report heightened demand for emerging market exposure, particularly BRICS-linked ETFs and commodities. Institutions view the bloc’s combined resources as a counterweight to U.S. hegemony, which could drive volatility — and opportunity — in equities and currencies.

Financial Performance

  • India’s trade deficit with BRICS: Largest among its global partners.
  • China surplus with India: $77.7B YTD (+16% YoY).
  • Russia trade: $68.7B with oil imports driving deficits.
  • BRICS bloc size: Over 30% of global GDP, yet fragmented economically.

Key Highlights

  • India presses BRICS for fairer trade.
  • Trump imposes 50% tariffs on Indian goods.
  • BRICS leaders accuse Washington of “hegemonism.”
  • Market reaction: muted but cautious.

Profitability and Valuation

Indian exporters are under profitability pressure due to tariffs and weaker U.S. demand. However, diversification into ASEAN, EU, and Africa has partially offset declines.

Debt and Leverage

Global investors worry about ballooning sovereign debt in both developed economies and emerging markets. For India, deficits risk weakening the rupee and forcing higher borrowing costs.

Growth Prospects

BRICS offers India a large addressable export market, but internal imbalances hinder growth. Structural reforms and regional trade agreements could unlock massive upside.

Technical Analysis

  • Nifty 50 Index: Support at 23,800; resistance at 25,200.
  • Sensex: Testing 82,000, with breakout potential if trade reforms progress.
  • USD/INR: Hovering at 84.50; risk of further rupee weakness.

Potential Catalysts

  • Resolution of India–China trade disputes.
  • U.S. tariff rollback or Supreme Court ruling on legality.
  • Boost in BRICS intra-bloc cooperation.
  • Expansion of AI, EV, and tech exports to Europe.

Leadership and Strategic Direction

Indian Foreign Minister S. Jaishankar has adopted a pragmatic tone, stressing economic over geopolitical goals, contrasting with Xi Jinping’s anti-U.S. rhetoric. This divergence could shape BRICS dynamics.

Impact of Macroeconomic Factors

  • Tariffs: Key risk to exports.
  • Oil imports: Driving Russia trade deficit.
  • Global inflation & rates: Influence investor sentiment in EM equities.

Total Addressable Market (TAM)

BRICS represents a TAM exceeding $30 trillion in GDP and nearly half the world’s population. For India, cracking this market could transform its export base.

Market Sentiment and Engagement

Investors remain cautious, with capital inflows slowing but not reversing. Market sentiment leans risk-off until there is more clarity on U.S.–India relations and BRICS internal reforms.

Conclusions, Target Price Objectives, and Stop Losses

  • Nifty 50:
    • Short term: 24,500
    • Medium term: 25,200
    • Long term: 27,000
    • Stop loss: 23,400
  • Sensex:
    • Short term: 83,500
    • Medium term: 85,000
    • Long term: 90,000
    • Stop loss: 81,000
  • USD/INR:
    • Short term: 85.00 resistance
    • Medium term: 83.20 support
    • Long term: 82.00 if BRICS resolves trade issues

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This analysis serves as information only and should not be interpreted as investment advice. Conduct your own research or consult with a financial advisor before making investment decisions.

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