“You’re going to see on China today, right after close of business, we’re going to be announcing something,” he said, referring to the market close at 4 p.m. ET.
Trump has urged his advisers to press forward with tariffs on $200 billion worth of Chinese goods, even as Washington and Beijing work to restart trade talks.
“It will be a lot of money coming into the coffers of the United States of America. A lot of money coming in,” he said.
In remarks from the Roosevelt Room, Trump said he was confident an agreement could eventually be reached with China, but stressed such an accord must do right by American workers.
“They want to make a deal,” he said. “But from our standpoint, it has to be fair. It has to take care of our workers.”
He said he still held Chinese President Xi Jinping in high regard but the days of lopsided trade were over.
“We can’t do that anymore,” he said.
The United States has already imposed tariffs on $50 billion worth of Chinese goods. Adding $200 billion on top of that would mean that almost half the goods China sells to the United States in a year would be subject to trade penalties.
The decision threatens to upend the possibility of a diplomatic breakthrough with Chinese negotiators.
Treasury Secretary Steven Mnuchin had invited the negotiators to Washington this week to resume talks. But China said it would turn down the offer if the United States went ahead with more tariffs.
“We stand ready to negotiate with China anytime, if they are willing to engage in serious talks,” said Larry Kudlow, the White House economic adviser, said earlier in the day at the Economic Club of New York.
Trump has said the tariffs are necessary to punish Beijing for what he says are its unfair trade practices and intellectual property theft.
The next round of US tariffs on Chinese goods is likely to make thousands of products, including dishwashers and food seasonings, more expensive for American consumers.
In July, the administration released a 195-page list of Chinese exports that included live trout, bananas and refrigerators. It also held public hearings in late August on its proposal, hearing from dozens of American businesses hoping to be exempted.
Businesses will be scouring the final list to find out whether their appeals were heard.
China, which has accused the United States of trade bullying, has matched the tariffs dollar for dollar. It has pledged to hit back again with tariffs on another $60 billion of US exports, including meat, coffee, furniture and auto parts.