Meanwhile, media reports have said that Trump officials have given countries until Wednesday to put forward their best offer for negotiations related to the U.S.’s heightened "reciprocal" tariffs.

A delay to the punishing import duties, which were first unveiled at a "Liberation Day" event in April, is due to expire in early July.

Despite indications that Washington is open to trade talks, Trump has pushed to ratchet up his tariff agenda again, this time by lifting the levy rate on most imported steel and aluminum doubled to 50%.

Trump signed an executive proclamation increasing the tariffs late on Tuesday, following through on a surprise threat launched last week. The duties will be in effect from Wednesday.

“I have determined that it is necessary to increase the previously described steel and aluminum tariffs to adjust the imports of steel and aluminum articles and their derivative articles so that such imports will not threaten to impair the national security,” Trump wrote in the proclamation, which was posted to the White House website.

He argued that the tariffs will dissuade dumping of the commodities in the U.S. by other countries, and also boost the competitiveness of American steel producers. Steel and aluminum derivative products will also be subject to the elevated trade taxes.