Flavio Bolsonaro seeks to shield Pix from non-Western payment networks

The USTR launched an investigation last year into Pix, flagging it as a potential unfair trade barrier due to the Central Bank’s dual role as both owner and operator. While the agency weighs imposing punitive tariffs this month, the senator argues that such measures would misfire by damaging U.S. investment interests without addressing the underlying structural issues of the payment system.

President Luiz Inacio Lula da Silva immediately rejected the proposal, framing it on social media as an attempt to surrender a national achievement to foreign influence. Lula has consistently championed de-dollarization and closer financial ties among developing nations, positioning Pix as a cornerstone of that strategy. Bolsonaro countered that his approach offers a decisive signal to Washington, preventing the platform from bypassing traditional intermediaries like credit card companies. Since its 2020 launch under the former administration, Pix has rapidly supplanted cash and cards as the primary transaction method in Brazil.