President Trump Donald John TrumpBiden on Trump's refusal to commit to peaceful transfer of power: 'What country are we in?' Romney: 'Unthinkable and unacceptable' to not commit to peaceful transition of power Two Louisville police officers shot amid Breonna Taylor grand jury protests MORE on Monday said his administration will announce a plan to impose another round of steep, new tariffs on Chinese imports after markets close, further escalating economic tensions between the world's two largest economies.

Trump has been promising to slap a 10 percent tariff — less than the 25 percent that was initially floated — on $200 billion in Chinese products on top of the tariffs on $50 billion of goods from China that he imposed earlier this summer.

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"It will be a lot of money coming into the coffers of the United States of America," Trump told reporters at the White House on Monday. "A lot of money coming in," Trump said.

Trade experts argue that tariffs amount to very little in revenue and the costs of the tariffs will be passed along to U.S. consumers.

Stocks tumbled on Monday afternoon as word of the impending announcement spread.

In July, Trump imposed 25 percent tariffs on $50 billion in Chinese imports, which triggered equal retaliation from Beijing on American products.

Trump in a tweet earlier Monday said tariffs "have put the U.S. in a very strong bargaining position," adding that countries "will be 'Tariffed!'" if they don't make fair deals with Washington.

"Tariffs have put the U.S. in a very strong bargaining position, with Billions of Dollars, and Jobs, flowing into our Country - and yet cost increases have thus far been almost unnoticeable," Trump tweeted. "If countries will not make fair deals with us, they will be 'Tariffed!'"

China’s foreign ministry on Monday said that Beijing would respond if Trump implements the new tariffs, Reuters reported.

Business groups and many lawmakers on Capitol Hill are strongly opposed to another round of tariffs, which they argue will raise prices for consumers and won't do anything to force the Chinese government to change their unfair trade practices and provide more market access to U.S. products.

"This extreme use of tariffs hurts our nation’s access to global markets and threatens many of the 1.3 million good-paying equipment manufacturing jobs our industry supports," Dennis Slater, the president of the Association of Equipment Manufacturers (AEM), said.

"To make matters worse, U.S. farmers are losing out at a time when their incomes are on the decline," he added.

"It’s clear everyone loses in a trade war. This administration should be looking for ways to improve our trade relationship with China, not doubling down on tactics that only lead to continued retaliatory actions."

Treasury Secretary Steven Mnuchin Steven Terner MnuchinHillicon Valley: DOJ proposes tech liability shield reform to Congress | Treasury sanctions individuals, groups tied to Russian malign influence activities | House Republican introduces bill to set standards for self-driving cars Treasury: Trump's payroll tax deferral won't hurt Social Security Treasury sanctions individuals, groups tied to Russian malign influence activities MORE last week proposed another round of talks with Chinese Vice Premier Liu He later this month in an effort to ease tensions in the escalating trade war.

But a meeting is now in doubt, making it much less likely that the world's two largest economies will reach an understanding on trade any time soon, The Wall Street Journal reported Sunday.

Larry Kudlow, the president's top economic adviser, on Monday morning said Trump "has not been satisfied with the talks with China."

Last week, Trump threatened a third batch of tariffs on another $267 billion of Chinese imports, covering more than all Chinese exports to the United States.

Trump has insisted tariffs can be used as leverage to secure improved trade deals for the United States, despite Republicans and Democrats warning of the potential consequences for consumers and the overall economy.

Bloomberg reported Monday afternoon that as the Trump administration may exclude some Apple products.

Brett Samuels contributed.



--Updated at 4:08 p.m.