The latest round of tariffs would nearly definitely put the United States into all-out trade war against China.
The president said he directed the trade representative to "identify $200 billion worth of Chinese goods for additional tariffs at a rate of 10 percent".
"I have to point out that USA remarks confused right with wrong and made irresponsible accusations against China to cover up its unilateral and protectionist moves", Chinese Foreign Ministry spokesman Geng Shuang said when asked to comment on Pompeo's statement.
The threat of new tariffs against China pits the world's two largest economies against each other and looks set to disrupt global supply chains for the tech and auto industries, two sectors heavily reliant on outsourced components.
Trump had already warned last week of "additional tariffs" should Beijing hit back with tit-for-tat duties on American goods.
The higher the USA tariffs are on imported goods like computer chips and fabric, the more likely American companies that import Chinese components are to raise prices to offset their own higher costs.
A paper published by Canadian think tank the CD Howe Institute suggests that Mr Trump's threats are having an effect on United States manufacturing by using "uncertainty as a new weapon in trade protection". Many in the Republican Party, who are more instinctively in favour of free trade, don't think this is the right way to tackle problems with China.
Trump issued a statement this evening noting that "unfortunately" China "apparently has no intention of changing its unfair practices related to the acquisition of American intellectual property and technology".
Armed bystander shoots, kills gunman in Walmart parking lot
Two bystanders outside the store drew their weapons and at least one of them fatally shot the gunman, Wohl told the Olympian . Another woman who was shopping with her children told the network that they all fled the shop and hid behind a parked auto .
The US, the world's largest economy, has a trade deficit of Dollars 376 billion with China, the world's second largest economy.
Wall Street has viewed the trade tensions with rising concern that they could strangle the economic growth achieved during Trump's watch.
"If the USA loses its senses and publishes a new list, China will be forced to take comprehensive measures that are both strong in quantity and gravity and will fight back", it read.
"We'll see whether or not we can make a reasonable NAFTA deal", Trump said. If the trade war escalates, and destabilizes the global economy, the good vibes might not last much longer.
Of note, the report also says there is a risk that Beijing would "seek to manipulate or pressure" any of the more than 300,000 Chinese nationals annually attending US universities or working at important American institutions.
The U.S. tariff hikes imposed so far affect a total of about $109 billion of imports, according to Morgan Stanley.
Neither side has yet imposed tariffs on the other in their growing dispute over technology and the USA trade gap; the first round is to take effect on July 6.
China bought American goods worth $153.9 billion a year ago, while exports to the United States totaled $429.8 billion, according to customs data. Earlier this month, that measure was extended to some of the US' traditional allies - the EU, Canada and Mexico.