American businesses, however, are anxious that rising trade tensions will hurt USA economic growth. The USTR's final list includes 1,102 product lines including robotics, aerospace, industrial machinery and automobiles.
Konstantinos Anthis, Head of Research at ADS Securities has described President Trump as the "X-factor that market participants didn't anticipate".
China's Commerce Ministry answered quickly to the USA taxes on Chinese imports.
"Manufacturers certainly have concerns that tariffs will cause more problems than they solve, but we also recognize that the administration may intend to use them as a negotiating tactic to bring China to the table and achieve larger goals", Timmons said.
Officials in China have declared a trade war with the United States.
The 28 members of the European Union agreed Thursday that retaliatory tariffs would go into effect in the coming days. "All the economic and trade achievements previously reached by the two parties will no longer be valid at the same time".
"In this day and age, launching a trade war is not in the interest of the world", China's Commerce Ministry said in a statement.
But Mr Trump's China trade offensive is only one side of his multi-front trade confrontation with all major U.S. economic partners.
Senior congressional Democrats have called for the Trump administration to be tougher on China, slamming the president for his decision to help troubled Chinese telecommunications firm ZTE after it violated US sanctions while, until Friday, not cracking down harder on the alleged intellectual property thefts. Trump pledged additional tariffs if China follows through on the retaliation threats.
China's Ministry of Commerce released a statement saying that China would impose tariffs that were the "same scale and the same strength" as those imposed by the U.S. It also called the U.S. tariffs "damaging" to relations between the two countries and "undermining the world trade order".
"China is our real trade enemy, and their theft of intellectual property and their refusal to let our companies compete fairly threatens millions of future American jobs", Schumer added.
China will impose tariffs with "equal scale, equal intensity" on imports from the U.S. and all the consensus the two sides reached earlier will lose effect, the Commerce Ministry said in a statement on its website late Friday that was later removed.
The announcement Friday did not say when the tariffs would take effect.
The president will also unveil a slightly altered list of goods that will be impacted by tariffs, with Reuters reporting that it will be smaller than the initial list, first proposed back at the start of April.
China, the world's No. 2 economy, has pledged to retaliate on USA exports including soybeans and pork.
America's trade in goods with China topped $635 billion in 2017, according to the U.S. Census Bureau.
Those penalties have been met with consternation by world leaders, and led to a fraught G7 meeting with Canada, France, Germany, Italy, Japan and the United Kingdom, last weekend. Mexico has already retaliated with its own tariffs on United States goods.