Threats and intimidation on trade will never work on China, its foreign ministry said on Monday, after US President Donald Trump said he was ready to impose tariffs on all $500 billion of imported goods from the country.

China also has no need to use competitive devaluation of its currency to aid its exports, Geng Shuang, a spokesman for the foreign ministry, told a daily news briefing.

US Treasury Secretary Steven Mnuchin said last week the United States was monitoring the recent weakness in China’s yuan currency and would review whether it had been manipulated.