Brazil president denies currency manipulation in wake of Trump tariffs

Brazil president Jair Bolsonaro said on Wednesday that the country is not artificially weakening the local currency against the U.S. dollar, in the wake of U.S. President Donald Trump's intention to impose tariffs on Brazilian and Argentine steel.

Bolsonaro, who has styled himself as a close ally of Trump, said he is "not disappointed" with the U.S. President yet, because the proposed tariffs have not become effective.