A 10 percent tariff will be implemented on $200billion (£152billion) worth of Chinese goods on September 24, rising to 25 percent at the start of 2019, according to the US leader.
President Trump warned he will immediately implement tariffs on $267billion (£203billion) of Chinese goods if China responds with retaliatory tariffs.
Commenting on the move, President Trump said in a statement: “If China takes retaliatory action against our farmers or other industries, we will immediately pursue phase three, which is tariffs on approximately $267billion of additional imports.
“For months, we have urged China to change these unfair practices, and give fair and reciprocal treatment to American companies.
“We have been very clear about the type of changes that need to be made, and we have given China every opportunity to treat us more fairly.
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“But, so far, China has been unwilling to change its practices.
“Once again, I urge China’s leaders to take swift action to end their country’s unfair trade practices.
“Hopefully, this trade situation will be resolved, in the end, by myself and President Xi of China, for whom I have great respect and affection.”
He added that tariffs had placed the US in a “strong bargaining position” and warned that he would implement tariffs on other countries which fail to offer the US beneficial trade arrangements.
Writing on Twitter, he said: “Tariffs have put the US in a very strong bargaining position, with billions of dollars and jobs flowing into our country – and yet cost increases have those far been almost unnoticeable.
“If countries will not make fair deals with us, they will be tariffed.”
Larry Kudlow, White House economic adviser, commented on the US’s relations with China at the Economic Club of New York on Monday.
He said: “We stand ready to negotiate with China anytime, if they are willing to engage in serious talks.”
Over 300 products were nevertheless made exempt from the order, including smart watches, bluetooth devices, bicycle helmets, baby car seats, and safety equipment.
The move comes after President Trump implemented tariffs on $50billion (£38billion) worth of Chinese goods earlier this year.
Around 50 percent of all Chinese imports entering the US will now be subject to tariffs.