UPDATE 1-U.S. won't levy threatened tariffs on Brazil steel, Trump told Bolsonaro

Brazilian President Jair Bolsonaro said on Friday that U.S. President Donald Trump told him in a phone conversation that his administration will not levy new tariffs on Brazilian steel and aluminum as threatened earlier this month.

"I had a phone conversation a few moments ago with Donald Trump. ... He was convinced by my arguments and decided to tell all Brazilians that our steel and aluminum will not be hit by additional tariffs," Bolsonaro said during a Facebook live video session. A U.S.-based source familiar with the call confirmed Friday afternoon that Trump had told the Brazilian president the tariffs would not be levied.

Trump announced the tariffs on Brazil and Argentina in a tweet on Dec. 2, accusing the two countries of devaluating their currencies which hurt U.S. farmers.