US President Donald Trump issued a new threat to slap tariffs on $267bn of Chinese imports, just four days before a pivotal meeting with Xi Jinping, his Chinese counterpart, to discuss ways to ease trade tensions between the countries.

In an interview with the Wall Street Journal on Monday, Mr Trump took on a confrontational stance towards Beijing. “If we don’t make a deal, then I’m going to put the $267 billion additional on.”

This year, the US has already slapped levies on $250bn of Chinese imports, as the trade war between Washington and Beijing escalated. If no agreement is reached in Buenos Aires, the rate of tariffs on $200bn of those tariffs will increase in January from 10 per cent to 25 per cent and Mr Trump may impose levies on even more products, to cover all imports.