The Trump administration has already placed tariffs on $200 billion in goods manufactured in China in what it said was a bid to achieve trade parity between the two nations and discourage Chinese theft of USA intellectual property.
While others in the administration are also clearly concerned about China's growing geopolitical influence and see its "One Belt, One Road" initiative as inimical to United States interests, Trump's perspective is narrower and more parochial.
Trump said he was waiting for a "full report" from his national security advisers later Tuesday about the alleged attack, claiming the information would be "very determinative".
Trump said it is "highly unlikely" that he would accept China's request to hold off on raising the tariffs, according to the Journal.
Mr Trump is expected to meet Chinese President Xi Jinping in the upcoming G20 summit at Bueno Aires, Argentina this weekend. "The only deal would be China has to open up their country to competition from the United States", he told the WSJ.
Trump said that the next round of Chinese tariffs will be on consumer electronics coming in from the country.
"We are seeing a greater degree of stability in sterling, but it went below recent ranges on Trump's comments", said Neil Mellor, currency strategist at Bank of New York Mellon in London.
Cellphones and computers, among China's biggest exports to the United States, have thus far been spared as the administration has sought to minimise the impact on U.S. consumers.
Donald Trump has raised the stakes in the escalating global trade dispute between the US, China and some of America's traditional allies ahead of a major gathering of world leaders this week.
The Trump administration has blasted Moscow's latest actions in Ukraine, a former Soviet republic, but the president himself has given a far lower key response.
"If we don't make a deal, then I'm going to put the $267bn additional on", he told the newspaper, referring to the remainder of Chinese imports which so far have not been hit with tariffs. The two sides have been in negotiations for months, but Kudlow described them as being stalemated until just a few weeks ago.