US stocks erased gains, dropping to session lows, while the dollar strengthened versus the Chinese offshore yuan by the most in two weeks.
The move was also reported by the Reuters news agency, which cited an unnamed source familiar with the decision.
Reports said the timing for activating the tariffs is unclear as it has taken some time for the administration to revise the list of products to be targeted. -China trade relations, address long-standing inequities and level the playing field.
The two governments have already imposed 25 percent tariffs on United States dollars 50 billion of each other's goods.
The Trump administration imposed the first tariffs of $34bn on Chinese imports in July.
China responded by imposing tariffs on USA products such as beef and soybeans, a response that spooked the us agriculture industry and angered Trump and other White House officials.
Trump frequently criticised "unfair trade" between the U.S. and China while on the campaign trail for the 2016 presidential elections. Last week Trump told reporters such a move could come soon.
The Trump administration has already imposed 25 per cent tariffs on $50 billion worth of Chinese goods.
The comments come amid reports the two sides could resume talks to stave off a third round of United States tariffs.
John Roberts now serves as the chief White House correspondent for FOX News Channel (FNC).
Apple said the $200 billion round of tariffs could hit some of its most popular goods such as the Apple Watch and AirPods headphones.
China's Foreign Ministry said it welcomed the invitation.
Apple warned last week that some of its most popular products, which are made mostly in China, might become costlier because the $200 billion in tariffs Trump is pushing to be implemented.
"For the near term, this combination of tactics seems to signal that unless and until China comes to the table with significant actions on the issues the U.S.is hammering, the US will keep tariff pressure going", said Claire Reade, a former USA trade negotiator. "Talks without action won't do the trick". Disclosure on Wednesday that the USA sought to renew the talks rallied US stocks and emerging-market assets.
Tariffs are expected to be 10 percent, not the 25 percent earlier suggested, according to Saturday's WSJ report.
Corporate executives increasingly believe the trade dispute can only be resolved by direct talks between Trump and Xi.