The U.S. administration has launched an investigation against Brazil's instant payment system Pix. According to trade representative Jamison Greer, authorities will examine tariff and non-tariff barriers that they believe give Brazilian services an advantage over American companies — from payments to fintech solutions.
Particular attention will be paid to how Pix, launched in 2020 by the Central Bank of Brazil, is displacing Mastercard, Visa, and local startups. The service already has over 150 million users and 60 million points of sale across the country.
Previously, Trump proposed in a letter to his Brazilian counterpart to impose a 50% tariff on imports starting August 1 and demanded the cessation of criminal prosecution against former President Bolsonaro, calling it a "witch hunt."
The investigation is expected to show whether Pix violates the principles of free trade and impacts the global payment system, while BRICS promotes alternatives to the dollar, including BRICS Pay and the idea of a single reserve currency.
