"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 U.S. dollars between January and November, 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 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.
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