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An official report issued by the Office of the United States Trade Representative (USTR) confirms that Brazil has already been monitored by the US since 2022. The reason for this behavior is PIX – the free bank transfer system, introduced by the Central Bank in 2020.
The document contains the following excerpt:
The United States is closely monitoring developments related to the retail electronic payments market in Brazil to ensure that the Central Bank of Brazil (BC) facilitates a level playing field for all market participants, given BC’s dual role as regulator and operator of Pix, a real-time retail payment service.
— Office of the United States Trade Representative (USTR)
The full report can be read by clicking here.
Still according to the USTR document, the use of PIX in Brazil establishes “barriers to foreign trade“. They argue that the PIX could even affect future exports, investments and trade in the US and 63 other territories, including the UK and Brazil itself.
For those in a hurry:
- Office of the United States Trade Representative (USTR) From the year 2022 it was already monitoring PIX, as shown by an online document issued by the same office;
- This week USTR chief Jamieson Greer went public to report that PIX is officially under investigation by the US government;
- Financial analysts say that this US government interest is primarily because they see PIX as a competitive method with other payment solutions invented by the US.
Read more:
What is the USTR and what is it for?
The USTR is an arm of the Executive Office of the US President. They are generally responsible for tasks involving the development and political coordination of international trade in contact with the US; which explains why this department, exclusively, is so interesting in the Brazilian financial system.
Last Thursday (16), the Office of the United States Trade Representative made public and confirmed that an investigation had been initiated to analyze the trade habits of Brazil, such as PIX.
Jamieson Greer, who serves as USTR’s executive director, reported that the investigation was a direct order from current President Donald Trump.
The president’s rationale is as follows: (we opened an investigation)”investigate Brazil’s attacks on American social media companies, as well as other unfair business practices that harm America’s businesses, workers, farmers, and technological innovations.“
Financial market analysts point out, however Trump’s stance on investigating ‘unfair practices’ in Brazil’s financial system has more to do with competitionaccording to professionals interviewed by Agência Brasil.
While PIX is free and public, other payment methods, developed in the US (but also operating in Brazil) take second place, “harming” the US economy.
