RIO DE JANEIRO, Dec 5 (NNN-CMA) – Brazil’s President, Jair Bolsonaro, denied his administration has purposely devalued the currency to boost exports, as his U.S. counterpart, Donald Trump, has alleged.
“We are not artificially raising the price of the dollar,” Bolsonaro told reporters.
On Monday, Trump said, he wanted to reimpose tariffs on steel and aluminium 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 two percent for aluminium.
According to Brazil’s Economy Ministry, exports of semi-manufactured iron and steel to the United States totalled 2.57 billion U.S. dollars, between Jan and Nov, less than the 2.95 billion U.S. 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 idolise 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.– NNN-CMA