China's tariffs - due to begin next Monday - would also apply to US oil and farm machinery, but more talks are due this week.

Still, trade experts said they expect the China tariffs to increase prices paid by U.S. shoppers, since importers typically pass along a share of the cost of those higher taxes to consumers. The tariffs could hike prices for an array of goods, from curtains to saucepans to winter coats.

Trump has long proposed raising tariffs—or taxes on imported goods that the businesses importing them pay the U.S. government—before the election, and said in November he’ll impose a 25% tariff rate on all imports from Mexico and Canada on the first day of his presidency and will impose an additional 10% tariff rate on all imports from China on top of other tariffs.