US tariffs have a political component, but short term, says Meirelles

The former Minister of Finance and former president of the Central Bank, Henrique Meirelles, stated that the new tariffs from the United States that could affect Brazil have a political component, but a short-term one.

Meirelles participated this Tuesday (9) in an event with leaders and economists in São Paulo.

The former Finance Minister stated, however, that Pix can be seen by American payment companies as a form of unequal competition.

Meirelles highlighted the qualities and benefits generated by the tool for the Brazilian economy, but explained the arguments of American companies about the BC's payment method.

Pix is cited by the USTR (United States Trade Representative) which questions competitive distortions in several areas in relation to Brazil, including payment methods, financial services and electronic commerce.

Meirelles said that regulatory advances and direct operation by the BC meant that Pix gained rapid scale. For him, this scenario makes Americans see inequality in the tool.

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The US government has until July 15 to decide on the definition and application of the proposal, which will undergo public consultations and hearings before approval.

In its report, the USTR concludes that the use of Pix as an electronic payment method is "unfair and discriminatory" against American companies.

"The dual role of the Central Bank of Brazil as regulator and owner/operator of Pix creates a conflict of interests, given the absence of adequate procedural safeguards", states an excerpt from the document.

Pix, ethanol and piracy: What motivates US tariffs against Brazil

Source: CNN