Brazilian President Jair Bolsonaro on Monday made a plea to his American counterpart Donald Trump to be more understanding after the latter said he will reinstate tariffs on steel and aluminium from Brazil and Argentina.

Trump announced the move earlier on Monday after accusing the two Latin American countries of overseeing over a significant devaluation of their currencies.

Trump argued that move was negatively affecting American farmers and manufacturers by making it difficult for them to fairly export their goods.

Bolsonaro had previously stated that he would not delay in directly contacting Trump to settle the issue.

"I'm going to call him so that he doesn't penalize us ... Our economy basically comes from commodities, it's what we've got. I hope that he understands and that he doesn't penalize us with this, and I'm almost certain he'll listen to us," Reuters quoted Bolsonaro in a radio interview with Brazil's Radio Itatiaia.

In 2018, the United States announced global tariffs of 25 percent on steel and 10 percent on aluminium. However, exemptions for some countries, including Argentina and Brazil, were approved after they agreed to quotas.