BRICS Summit in India, Amazon Air Plane Crash, Federal Film Tax Bill

Ayesha Rascoe (0:02)

President Trump travels to Ireland for a little diplomacy and a whole lot of golf.

Scott Simon (0:07)

At the same time, India hosts a summit meeting in some of the world's largest economies.

Ayesha Rascoe (0:11)

I'm Ayesha Rascoe.

Scott Simon (0:13)

And I'm Scott Simon, and this is Up First from NPR News.

Ayesha Rascoe (0:18)

The summit includes some of the U.S.'s biggest rivals, Iran, China and Russia, but also crucial allies like Saudi Arabia. We'll tell you what this means.

Scott Simon (0:28)

Also, the latest in the investigations of a cargo plane crash in Miami that killed five people.

Ayesha Rascoe (0:34)

And for years, some of Hollywood's biggest hits have been produced outside of the United States.

Scott Simon (0:43)

So stay with us. We've got the news you need to start your weekend.

Ayesha Rascoe (0:56)

Today in New Delhi, some of the world's largest economies gather for a high-stakes summit. The grouping is called Brics, and it represents about half of the world's population.

Scott Simon (1:07)

China, Russia and India lead the group. But Iran is also invited this time, along with a crucial US ally in the Middle East.

And here's international correspondent, Dia Hadid, is covering all this from New Delhi. Dia, thanks for being with us.

Dia Hadid (1:21)

Thank you, Scott.

Scott Simon (1:22)

What's the summit about?

Dia Hadid (1:23)

Well, Brics is effectively a forum for emerging economies. It's aimed at countering long-standing Western dominance. And there's leaders from more than a dozen countries who've turned up. And Scott, it's quite the gathering.

China's President Xi Jinping and Russia's President Vladimir Putin are here. But for now, the attention is on those involved in the latest Mideast War because the Iranian President is here. And Iran has been striking Gulf countries that are also at the summit, the United Arab Emirates, Bahrain and Saudi Arabia. And that's because Iran accuses them of backing the United States. And just to set the scene a bit, the summit today comes just a day after Iranian back fighters in Yemen, they're known as the Houthis, appeared to consolidate control over another shipping route called Bab al-Mandeb. That route was emerging as an alternative for some Gulf oil exports through the Strait of Hormuz. You might recall that strait has been largely blocked since the Middle East War began in February.

Scott Simon (2:24)

Dramatic ingredients for a meeting. How has it played out so far?

Dia Hadid (2:28)

So far the Iranian president, Masoud Pesachian, has told audiences here that Iran and Oman have agreed on a joint route through the Strait of Hormuz, and they'll sign a deal on Monday. Now, we're seeking confirmation from Gulf states, and also a response from President Trump, because he's previously threatened to bomb Oman. It's the other country that overlooks the Strait of Hormuz, because President Trump is demanding the unconditional reopening of the strait. The Iranian president said something else that may well enrage the president as well.

Scott Simon (3:01)

What did he say?

Dia Hadid (3:02)

He's called on Brics countries to build an alternative to the international payment system, basically ditch the dollar. And this part was broadcast by the Indian outlet ANI.

SPEAKER_4 (3:14)

The Sun Republic of Iran believes that economic resilience is not possible without diversifying trade partners, sources of financing and payment channels.

Dia Hadid (3:27)

The key words they've got are diversifying payment channels.

Scott Simon (3:31)

And help us translate what that means.

Dia Hadid (3:34)

It doesn't sound that exciting, but basically the bulk of all global trade presently is done in dollars. And that allows United States to impose punishing sanctions, like on Russia and Iran. So these two countries, alongside other members of Brics, have long called for the development of payment systems that bypass the dollar. And that would diminish American influence.

During last year's Brics Summit, President Trump threatened extra tariffs on countries that he said aligned with the anti-American policies of Brics.

Scott Simon (4:04)

Is it even a realistic proposition to replace the dollar in international transactions?

Dia Hadid (4:09)

Experts say that's unlikely for now, if only because of conflicts between Brics nations themselves, like United Arab Emirates, for instance, which recently halted all trade with Iran. But these nations do represent about a third of all global trade. Christopher Walker, the Vice President at the think tank, the Center for European Policy Analysis, warns against complacency because he says, America's biggest rival, China, is assuming a dominant role in Brics.

Christopher Walker (4:37)

They now see the grouping more as a geopolitical counterweight to the US. This is certainly one of the Chinese leadership's ambitions to flex its muscles.