How Brazil's Pix Payment System Became a Target of US Financial Power

Key Facts

—The target. Brazil’s Pix payment system, run by the central bank, has been named in a US trade case as a barrier to American firms.

—The deadline. Washington faces a July 15 statutory deadline to act on a proposed 25 percent tariff on Brazilian goods.

—The second track. A June 5 US terrorist designation of two Brazilian crime groups adds sanctions exposure to payment flows that touch Pix.

—The reach. Pix processes most digital payments in Brazil, making it central infrastructure rather than one product among many.