The U.S. government imposed new tariffs on Brazilian imports after labeling the Pix instant-payment system a trade barrier. U.S. trade officials claim the Central Bank of Brazil's platform undermines the competitiveness of American card networks like Mastercard and Visa.
Brazilian officials rejected the claims, describing Pix as a public service that promotes financial inclusion. They argue the U.S. position seeks only to protect the revenues of private credit card companies.
Credit and debit card market share has declined since the introduction of Pix, despite growth in total transaction volume. Mastercard previously warned in securities filings that government-run networks like Pix pose a challenge to its business model.