President Trump may announce $60 billion worth of annual tariffs on Chinese imports this week, raising prospects of a trade war between the world’s top two economies that could have devastating spillover effects on world trade, said media reports.

The proposed tariffs hike will target more than 100 Chinese products and is being imposed by President Trump, who alleged that these products were manufactured by China using “trade secrets” from American companies.

According to the reports, senior aides had provided with a $30 billion tariff package, but President Trump asked to double them which, the report said, he plans to announce on Friday. Many have expressed fear that this would invite Chinese retaliation, sparking a trade war between the two economic giants that could not only hurt the US economy, but may have larger impact.

The new tariffs comes more than a week after President Trump announced to impose 25 percent import tariff on steel and 10 percent duties on aluminum. The hike draw a widespread criticism from the US trade partners, with many threatening to respond with retaliatory measures.

Amid threats of the a backlash, however, President Trump exempted its vital trading partners Canada and Mexico from the new measures and there is a possibility that more countries could be excluded. The European Union have warned that it could enact retaliatory measures.

Many Senators from Trump’s Republican Party have criticized the new steel and aluminum tariffs, including Senator Jeff Flake, who has introduced a bill in Congress to nullify these new tariffs.

But, the biggest casualty from the decision was Gary Cohn, a former CEO of Goldman Sachs, who resigned from his post as Trump’s economic adviser against the decision. Cohn is seen as free trade supporter.

Many world-leading economists on Monday issued a desperate plea to President Trump to reconsider the proposed steel and aluminum tariffs which, they said, would the US economy and the consumers.

According to a separate report, the EU is bracing for a vicious trade war amid warnings that the these tariffs could cost the EU some 400 million euros. The report said that tariffs would increase the price of German products by 400 million euros that will erode its competitiveness in the world market.

While President Trump is basing his decision on what he called unfair trade deals with partners, most nations see it as a thinly discussed excuse to take protectionist measures.