In the run up to the election Trump, who described tariffs as "the most beautiful word in the dictionary," vowed hikes as high as 60 percent on Chinese goods, saying this would not only protect domestic industries but serve as critical tax revenue. Economists have pointed out such a move would raise costs for American consumers.

A group of nine House Republicans, led by Rep. Riley Moore, is pushing a bill to allow President Donald Trump to use tariffs in his negotiations with foreign powers.

US President Donald Trump had threatened 60% tariffs on Chinese goods on his campaign trail.