V — US imposes 25% tariff on $11B of Brazilian goods over payment system dispute

The Trump administration has levied a 25% tariff on over $11 billion worth of Brazilian goods, citing the country's government-run instant payment system, PIX, as an unfair trade practice. Washington argues that PIX, used by over 90% of Brazilian adults, disadvantages U.S. payment firms like Visa and Mastercard. The move, made under Section 301 of U.S. trade law, marks the first time the provision has been used to target another country's domestic payment system, prompting Brazil to vow retaliation.