The so-called BRICS group of countries is reportedly set to issue a formal statement criticizing the United States current tariff situation when the group meets for a two-day summit in Brazil.

BRICS leaders meeting in Rio de Janeiro from Sunday are expected to decry Donald Trump's hardline trade policies, but are struggling to bridge divides over crises roiling the Middle East."BRICS (countries),

China spared major cognac producers Pernod Ricard, LVMH and Remy Cointreau from hefty duties on EU brandy on Friday, a rare bright spot at a time of trade tensions between Brussels and Beijing as the two sides row over tariffs on Chinese-made EVs.

Major Cognac companies made concessions to avoid the worst of the penalties, imposed by Beijing in retaliation for E.U. tariffs on Chinese electric vehicles.