The president, joined by Vice President Mike Pence, Commerce Secretary Wilbur Ross, U.S. Trade Representative Robert Lighthizer, and CEO of Lockheed Martin, Marillyn Hewson, announced the measure from the White House.

"I view them as a friend," Trump said of China, noting he has "tremendous respect" for Chinese President Xi Jingping, but he also said the U.S. has the "largest deficit of any country in the history of our world."

An administration official told Fox News the tariffs, which could amount to $30 billion or more, are not meant to "punish" China, but rather designed to "recover damages" from China's unfair trade practices.

The investment restrictions, on the other hand, are meant to blunt China's attempts to "capture the technology businesses of the future." The official told Fox News that China's practices of taking over international technology companies –including those in the U.S.—distorts markets and destroys the innovation cycle.