President Donald Trump has warned Chinese President Xi Jinping and all of his "many friends in China" that the country “will be hurt very badly” if they don’t agree to a trade deal.

Trump tweeted on Monday after the countries failed to reach a deal in recent talks. The Trump administration has raised tariffs on $200 billion of Chinese imports after charging that China had backtracked on commitments it made in earlier negotiations.

Trump tweeted China “had a great deal, almost completed, & you backed out!”

Trump insisted the tariffs the US has placed on Chinese goods don’t hurt American consumers, saying there is “no reason for the US Consumer to pay the Tariffs”.

White House economic adviser Larry Kudlow acknowledged on Sunday that US consumers and businesses pay the tariffs. “Both sides will pay,” he told Fox News.