Brazil’s President Jair Bolsonaro (right) meets with US President Donald Trump during a bilateral meeting on the sidelines of the G20 Summit in Osaka, Japan on June 28. Photo: VCG

 
Brazil's President Jair Bolsonaro on Wednesday denied his administration has purposely devalued the currency to boost exports, as his US counterpart Donald Trump has alleged.

"We are not artificially raising the price of the dollar," Bolsonaro told reporters.

On Monday, Trump said via Twitter he wanted to reimpose tariffs on steel and aluminum imports from Argentina and Brazil to compensate for their devaluing their currencies, presumably to better compete in the international market.

The tariffs on Brazil currently stand at 0.9 percent for steel and 2 percent for aluminum.

According to Brazil's Economy Ministry, exports of semi-manufactured iron and steel to the United States totaled 2.57 billion US dollars between January and November, less than the 2.95 billion US dollars generated in the same period last year.

Bolsonaro said he had a good relationship with Trump and hoped the two countries can reach "good terms" to avoid the reapplication of tariffs, which, he said, were not a done deal.

"I believe in Trump. I don't idolize anyone, I have a friendship, though I don't frequent his home and he doesn't frequent mine. But we have an agreement, and quite cordial contact," said Bolsonaro.