In 2020, the US had already agreed to “a great trade deal with China” and a new deal was “possible,” Trump told reporters.

One month into his second term in office, Trump has threatened sweeping tariffs on allies and adversaries alike, targeting China as well as neighbours Canada and Mexico, and the EU.

At the beginning of February, he slapped additional customs duties of 10% on all products imported from China.

He is also threatening to impose 25% tariffs on all imported cars, and similar or higher duties on pharmaceuticals and semiconductors as he turns up the heat on some of the biggest US trading partners.

Trump also initially announced tariffs of 25% on all Canadian and Mexican imports, before U-turning just hours before they were due to come into effect, granting a one-month reprieve in principle until March 1.

He signed executive orders last week imposing new 25% tariffs on steel and aluminium, due to come into effect on March 12.