President Donald Trump said he'll make an announcement on China trade after USA financial markets close Monday.
The Trump administration also threatened to pursue additional tariffs on $267 billion worth of Chinese goods if Beijing retaliates against farmers or other US industries.
Earlier Monday, White House chief economic adviser Larry Kudlow said at the Economic Club of New York, "We are ready to negotiate and talk with China any time that they are ready for serious and substantive negotiations" to reduce trade barriers.
"If the United States launches any new tariff measures, China will have to take countermeasures to firmly ensure our legitimate rights and interests", foreign ministry spokesman Geng Shuang told reporters during a regular press briefing on Monday.
Beijing has said it would retaliate to trade war escalation with tariffs of its own as well as qualitative measures, which it has not specified but are perceived within the US business community as likely to include increased customs and regulatory scrutiny.
The upcoming tariffs will be on a list of items that included internet technology products and other electronics, printed circuit boards and consumer goods, including Chinese seafood, furniture and lighting products, tires, chemicals, plastics, bicycles and auto seats for babies, Reuters explained.
Last week Beijing welcomed Washington's offer to hold fresh trade talks and said the two sides were discussing details, providing some hope the world's top two economies could step back from the brink of an all-out trade war. These new tariffs would reportedly take effect "within weeks".
The president said countries unwilling to participate in fair trade will be tariffed.
The president has vowed to put punitive tariffs on another $200 billion in Chinese goods, meaning tariffs would now affect roughly half of what the United States buys from China - its largest source of imported merchandise.
The US is expected to levy tariffs on another $US200 billion worth of Chinese goods as soon as Monday. "And it will be a lot of money coming into the coffers of the United States of America".
Other commentators have suggested Beijing use its holdings of US government debt or target American companies in China.
USA officials, led by the Treasury Department, have invited their Chinese counterparts to more talks on trade.
Though China had begun discussing plans to attend, it is now rethinking whether to attend because of the possibility that new tariffs may be announced this week.