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.
Asked how strong, Trump said: "Well, I think very strongly".
Administration officials have signaled support for imposing the tariffs in a dispute over allegations that Beijing steals or pressures foreign companies to hand over technology, according to officials briefed on the plans.
The White House had said last month that it would target "industrially significant" technology and products as an effort to protect US intellectual property.
Foreign Ministry spokesman Geng Shuang said Friday that China's response would be immediate and that Beijing would "take necessary measures to defend our legitimate rights and interests".
In the trade fight, Bannon said, Trump has converted three major tools that "the American elites considered off the table" - namely, the use of tariffs, the technology investigation of China and penalties on Chinese telecom giant ZTE.
North Dakota farmer and NCGA President Kevin Skunes says, "Farmers are busy in the fields and need to be able to count on markets for their crops when it comes harvest time".
The U.S. trade deficit with China was $336 billion in 2017.
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The countries said in a joint statement that China would "significantly increase" purchases of United States agricultural and energy products to reduce the trade imbalance, a top Trump administration demand. "Those are all historic ingredients for an economic slowdown", Cohn said at an event sponsored by The Washington Post.
'His fundamental commitment to the "deplorables" on the campaign trail was that he was going to bring manufacturing jobs back, particularly from Asia'. "This situation is no longer sustainable", he said.
"This includes goods related to China's Made in China 2025 strategic plan to dominate the emerging high-technology industries that will drive future economic growth for China, but hurt economic growth for the United States and many other countries", the president said in the statement.
Spain's newly appointed agricultural minister, Luis Planas, also opposed the tariff's impact, saying it is unjust.
The list will contain 800 product categories, down from 1,300 previously, according to another administration official and an industry source familiar with the list.
The list is meant to minimise the impact on US consumers and businesses by selecting goods where there are ample alternative supplies from other countries.
The approval followed a White House meeting with senior White House officials and senior representatives of the Treasury and Commerce departments, U.S. Trade Representative's Office and national security officials.
ZTE last week agreed to pay a $1 billion fine to the US government to end a crippling supplier ban imposed after it broke an agreement to discipline executives who conspired to evade USA sanctions on Iran and North Korea.
China has published its own list of threatened tariffs on US$50 billion in United States goods, including soybeans, aircraft, and cars, and has said it would hit back if Washington followed up with further measures. A statement released from the United States Treasury Department said, in response to the International Monetary Fund, that the U.S. "differ significantly on the medium and long-term projections".