The US president has vowed to target an additional $200 billion of Chinese goods, which would include a tax on electronic parts and consumer goods.

The Trump administration has already imposed 25 percent of tariffs on $50 billion worth of Chinese goods.

The proposed additional sanctions come as trade negotiations between the two countries have failed to make any real breakthroughs.

According to Bloomberg, the president met with trade advisors on Thursday including the Treasury Secretary Seven Mncuhin, Commerce Secretary Wilbur Ross and US Trade Representative Robert Lighthizer.

It is not known exactly when the new import taxes will go into effect.

The US has said that the tariffs are needed to punish Beijing for its unfair trade practices and intellectual property theft.

Mr Trump has blamed Beijing’s trade policies for creating a huge trade deficit.

The president has said he wants to stop the "unfair transfers of American technology and intellectual property to China" and protect jobs

Last week, the president tweeted: “We are under no pressure to make a deal with China, they are under pressure to make a deal with us.

“Our markets are surging, theirs are collapsing.”

White House spokeswoman Lindsay Walters said: “The President has been clear that he and his administration will continue to take action to address China's unfair trade practices.

“We encourage China to address the long standing concerns raised by the Unites States."

In retaliation Beijing has pledged to hit back with tariffs on $60 billion of Us exports, including meat, coffee, furniture and car parts.

The tariffs are already affecting companies, in particular automobile businesses.

Earlier this year, the US also started charging levies on the imports of steel and aluminium from the European Union, Mexico and Canada.

The International Monetary Fund has warned that an escalation of the tariff war could shave 0.5 percent off global growth by 2020.