Trump said U.S. firms doing business with China should look elsewhere.
"Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing your companies HOME and making your products in the USA," he said.
It was unclear what Trump could do to force U.S. companies to make such a move.
"The president has no authority to order companies to pull out of China," said Jennifer Hillman, a professor at the Georgetown Law Center. "Those companies have already invested in China for reasons that they chose to go into China."
China's Finance Ministry called the new tariffs "a forced move to deal with U.S. unilateralism and trade protectionism."
Last September, China set tariffs on $60 billion in U.S. goods in retaliation for U.S. duties.
The $75 billion in goods affected by China's latest tariffs would represent more than 60% of the $120.3 billion worth of U.S. goods exported to China last year.
U.S. and Chinese negotiators are due to meet in September for a new round of trade talks but have not confirmed a date.
NPR's Emily Feng and Jim Zarroli contributed to this report.
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