Trump also threatened to add tariffs on about $267 billion of additional imports if China retaliates against USA farmers or other industries.
"These practices plainly constitute a grave threat to the long-term health and prosperity of the United States economy", Trump said in a White House statement.
President Donald Trump said the latest round of tariffs was in response to China's "unfair trade practices, including subsidies and rules that require foreign companies in some sectors to bring on local partners". Apple Inc. said last month the proposed duties on $200 billion cover a wide range of products used in its United States operations.usa stock futures edged lower, Asian equities slumped and European shares fluctuated amid investor concerns a heightened trade war will crimp corporate profits and undermine economic growth.
The administration earlier this month floated the idea of talks led by Treasury Secretary Steven Mnuchin, with Chinese Vice Premier Liu He expected to lead the Beijing delegation.
He didn't rule out a trade deal and added that President Trump had a "grand strategy" for the talks but that it was hard to implement reforms.
The US is imposing new tariffs on $200bn (£150bn) worth of Chinese goods as it escalates its trade war with Beijing.
An official Chinese newspaper called for more aggressive measures to "make American pain worse" following tariff hikes by both sides on $50billion of each other's goods.
The tough talk and fear of more tariffs and retaliation rattled investors and sent indexes dropping.
The president tweeted that his steel tariffs have given "new life" to the domestic steel industry, and that price increases from those and other tariffs have barely been felt in the USA economy.
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The planned tariff rate is less than half the 25 per cent level the administration had initially considered.
China wants talks based on "mutual trust", said a foreign ministry spokesman, Geng Shuang.
'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 nearly unnoticeable.
"It will be a lot of money coming into the coffers of the United States of America".
The U.S. has complained that Beijing forces American companies doing business in China to transfer technology and intellectual property. "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".
The president said countries unwilling to participate in fair trade will be tariffed.
After Apple's comments, Trump said in a tweet said that there was an "easy solution" for Apple to avoid tariffs.
Lou was finance minister through 2016 and serves as chairman of China's 1.9 trillion yuan ($290 billion) National Social Security Fund, which manages assets of government pension plans.