But I don't think the economic impact, with American firms losing revenue is nothing more than political PR blablabla. Market forces (price and quality) still drives a lot of traffic from Brazil to USA. For example, there is no hosting solution or email provider in Brazil that comes close to using dozens of american firms.
Of all the startups here in Brazil I would guess that 80% use servers from american firms (AWS, Microsoft Azure, Softlayer, Digital Ocean and many, many others). Our local host solutions are used mainly for amateursih website hosting (of local restaurants and small non-tech companies).
A possible law forbidding national companies to use data centers out of Brazil is being discussed around here. And the general reaction among national startups is "if this happens, we are all fu". There is simply no local solution in quality and price anywhere near those big american ones.
But, again, despite market forces still going to drive a lotof traffic to USA, I think it is a good idea to have alternatives. For sensitive government and academic data at first, but maybe creating the environment to better infrastrucuture companies rising in Brazil or Europe.