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"At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable," he wrote.

“Based on the lack of respect that China has shown to the World’s Markets, I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately. At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable,” Trump wrote on Truth Social, leading markets to soar minutes later.

"At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable."

He also told reporters on board his Air Force One plane last week that "pharma" tariffs would arrive "at a level that you haven't really seen before", saying these would be announced "in the near future".

He added: "While we're trying to grow the business, we can't, because we have all this, this money tied up, how can you plan for anything when you don't know what is going to happen in in the near future'?"