Lula and Trump representatives discuss US investigation into PIX

The meetings took place over two days, on Wednesday (15) and Thursday (16), with the Brazilian delegation presenting clarifications on already known points of the investigation. According to reports, the topics discussed had already been addressed previously, including at a hearing held in the American capital last year.

“The Brazilian government is providing all the information, all the clarifications. We are confident that it can be resolved”, declared Brazilian vice-president Geraldo Alckmin (PSB).

The investigation was opened by the United States based on Section 301 of the 1974 Trade Act, a mechanism used by the country to investigate practices considered unfair by commercial partners. Among the main targets are Brazilian policies related to PIX and the ethanol sector, highlighted by the Americans as possible barriers to access for their exporters.

The case began last year, when the American government announced the investigation, alleging difficulties in accessing the Brazilian market. Unlike disputes at the World Trade Organization, Section 301 is conducted internally by the United States, which increases Washington’s scope for unilateral action.

President Lula has reiterated that Brazil will not accept external pressure to change strategic policies, such as the PIX, developed by the Central Bank. The speech, which has become frequent since the United States imposed a 50% tariff on Brazilian exports there, in the middle of last year.

Trade balance

The negotiations between the two countries also have the aggravating factor that the United States occupies the second position of Brazil’s largest trading partner, behind only China, in addition to maintaining a surplus for the North Americans in the bilateral balance. In 2025, for example, Brazil recorded a deficit of around US$7.5 billion, as a result of the drop in Brazilian exports and the increase in imports from the American market.

This scenario repeats itself when looking at a broader horizon, as Brazil has accumulated a trade deficit with the United States since 2009, reflecting a greater volume of purchases than sales to its partner. Official data indicate that, since 1997, the accumulated negative balance exceeds US$48 billion, although in some years there have been moments of greater balance between exports and imports.

Even when considering the set of goods and services, the American advantage remains significant, increasing the weight of this relationship in the Brazilian economy. In 2024, the total deficit in trade with the United States exceeded US$28 billion, with the majority concentrated in the services sector, which reinforces the argument that, in aggregate, the United States exports more to Brazil than it imports.