China won't devalue yuan to boost exports, says Premier Li

US President Donald Trump with Xi Jinping China’s President

On Tuesday, China announced new tariffs on US goods worth $60 billion.

China will levy tariffs on about $60 billion worth of U.S. goods, as previously planned, in retaliation for U.S. President Donald Trump's decision to slap new tariffs on $200 billion of Chinese imports, but has reduced the volume of tariffs that it will collect on the products.

China said Tuesday it has " no choice " but to retaliate, according to a statement released Tuesday by its Commerce Ministry. "China has always emphasised that the only correct way to resolve the China-U.S. trade issue is via talks and consultations held on an equal, honest and mutually respectful basis". "But at this time, everything the United States does not give the impression of sincerity or goodwill".

China said Tuesday it had no other choice than to retaliate because the U.S. has created "new uncertainty" between the two countries.

Trump on Monday said that the US will immediately pursue additional tariffs on about $267 billion of Chinese imports if Beijing strikes back against American farmers and industry.

Those included high-profile consumer products, such as smart watches, bicycle helmets, play pens and baby vehicle seats.

The firms are anxious the tariffs will increase their costs since many of their products are manufactured in China.

The U.S. -China trade war will last not for 20 months or 20 days, but "maybe 20 years", he said.

China is reviewing plans to send a delegation to Washington for fresh talks in light of the U.S. action, the South China Morning Post reported on Tuesday, citing a government source in Beijing. In retaliation, Beijing has announced plans to hit USA goods, ranging from wheat to textiles, with 5 percent to 10 percent tariffs.

In recent months, Washington and Beijing imposed 25 percent tariffs on $34 billion worth of goods headed across each other's borders.

At $375 billion, the US trade deficit with China is more than half of its total trade deficit.

Lam Research Corp, a company that makes gear for manufacturing chips, said in a September 6 letter to trade regulators that duties on raw silicon, ceramic machinery parts and other items "add costs to our US manufacturing operations and reduce our competitiveness in the global semiconductor manufacturing market".

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But that doesn't mean China won't respond to the Trump administration's tariffs. State owned enterprises account for around 30 percent of the economy and yet enjoy almost 70 percent of all financing, the report said. In retaliating, China in July announced tariffs on American agricultural goods and autos.

"China has had many opportunities to fully address our concerns", Trump said.

In competitive House districts, 42 percent of those surveyed said tariffs would be "good" for jobs in the USA, while 57 percent responded that they would be "bad".

The government source said Beijing is reconsidering the plans to send Vice Premier Liu He to the United States.

Trump said earlier this month he has tariffs ready to impose on a further $267bn of imports from China, which would push the cumulative total beyond the amount of goods the USA bought from the Asian nation a year ago.

The Trump administration tailored its final list of Chinese targets to help ensure American consumers don't feel the pinch, Commerce Secretary Wilbur Ross said Tuesday.

China's yuan currency slipped against the dollar on Tuesday after news of the USA measures.

The rate is less than half of the 25 percent level the administration had initially been considering. This suggests little prospect of a de-escalation from the United States side anytime soon.

It was not clear what statement from Beijing Trump was referring to in his post.

The new list would also spare fitness trackers from Fitbit Inc, which had said in a comment letter to regulators that the tariffs would compromise its own investment in the United States.

American and European businesses operating in China say that if Washington presses ahead with more and more tariffs, it is likely to only add to the challenges businesses are already facing.

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