The White House said in a statement that Trump had been clear that he and his administration would continue to take action to address China's trade practices and encouraged Beijing to address US concerns.
He was expected to level tariffs on about $200 billion of Chinese imports, and China has said it would retaliate.
"If countries will not make fair deals with us, they will be 'Tariffed!'" While U.S. inflation has continued to rise steadily albeit modestly, firms across the country report lost businesses, layoffs and possible bankruptcies as input costs rise and exports fall.
Collection of tariffs on the long-anticipated USA list will start on September 24 but the rate will increase to 25 percent by the end of 2018, allowing US companies some time to adjust their supply chains to alternate countries.
FILE PHOTO: A worker places U.S. and China flags near the Forbidden City ahead of a visit by U.S. President Donald Trump to Beijing, in Beijing, China November 8, 2017.
In the meantime, the value of the Chinese yuan has dropped relative to the dollar, making it easier for Beijing to withstand US tariffs.
The Trump administration said the new tariffs on an additional $200 billion in Chinese imports was a response to Beijing's failure so far to end those tactics.
"We deeply regret this", said a Commerce Ministry statement.
The officials said China had been given "chance after chance" to change the trade practices considered unfair to U.S. businesses, but "have remained obdurate".
The United States will spare Apple Inc's Watch and other consumer gadgets from the latest round of tariffs on Chinese goods, according to a list of products released by the US Trade Representative (USTR) on Monday.
The latest USA duties spared smart watches from Apple and Fitbit and other consumer products such as baby auto seats.
If he does go ahead with a further $267bn worth of tariffs, it would mean virtually all of China's United States exports would be subject to new duties.
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USA and China officials had discussed a new round of talks over the past week, but Mr Trump's latest move is likely to sour relations further.
Trump has been locked into a trade dispute with Beijing over China's policy of forcing United States companies to hand over trade secrets as a cost of doing business in China.
All three major USA indexes were lower, with the tech-heavy Nasdaq posting its biggest percentage loss since late July.
The administration previously hit China with $50 billion in tariffs, using the duties to force negotiations on ending China's trade barriers and theft of American intellectual property.
The Chinese government said last week it welcomed Washington's proposal for more talks, though neither side has given any indication it is willing to compromise.
"It will be a lot of money coming into the coffers of the United States of America", the president said at a Monday White House event, before officially announcing the additional tariffs.
Oil prices edged lower on concerns over how the U.S. -Sino trade dispute may dent global crude demand, but losses were limited as the market weighed potential supply tightening due to Iran sanctions.
"Given the diametrically opposing views Washington and Beijing have of their problems, this trade war is unlikely to get better before it gets worse - for them, or for any of us". The Australian dollar is sliding, with markets now watching for China's yuan-fixing at 11:15am AEST.
Chinese chemical inputs for manufacturing and textiles and agriculture eliminated from tariff list.
Technology and retail groups had argued that the tariffs would hit consumers hard.
"Negotiated settlement, instead of tariffs, represents the best pathway to resolving outstanding trade issues without creating uncertainty and instability that will negatively impact our port", Sanfield said. Many experts believe that the president's way of thinking about the deficit is wrong, and that a large deficit with China means that USA consumers are able to afford the latest high tech products.