The Trump administration imposed the first tariffs of $34bn on Chinese imports in July.
More than 60 percent of USA companies polled said the US tariffs were already affecting their business operations, while a similar percentage said Chinese duties on US goods were having an impact on business.
Trump frequently criticised "unfair trade" between the USA and China while on the campaign trail for the 2016 presidential elections.
President Trump has given the green light to proceed with tariffs against $200 billion in Chinese goods, sources told Fox News Friday.
So far, Beijing has imposed 25 per cent tariffs on United States dollars 50 billion of American goods.
Mr Trump was asked during the meeting whether he was concerned about the impact of the new tariffs on negotiations with China.
The green light for the tariffs, first reported by Bloomberg, initially dragged US stocks lower, fuelled drops in the Chinese yuan in offshore trading and gains in the dollar index.
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A Treasury spokesman did not immediately respond to a query on the status of the China talks invitation.
The White House says tariffs are a response to China's unfair trade policies, which Mr Trump blames for helping to create a huge trade deficit.
Trump has also threatened another round of tariffs on $267 billion of Chinese goods. But 2018 imports from China through July were up almost 9 percent over the same period of 2017, according to U.S. Census Bureau data.
The Chinese have confirmed receiving Mnuchin's invitation for talks and welcomed it.
"If nearly a half of American companies anticipate a strong negative impact from the next round of USA tariffs, then the US administration will be hurting the companies it should be helping", Eric Zheng, chairman of AmCham Shanghai, said in a statement.
The $200 billion tariff list included various internet technology products and other electronics, printed circuit boards, and consumer goods ranging from handbags to bicycles and furniture.
Trump's instruction came as Mnuchin was leading efforts to restart trade talks with Chinese officials. "Talks without action won't do the trick". The two leaders may see each other at the United Nations General Assembly in NY this month and are scheduled to meet on the sidelines of the Group of 20 summit in Buenos Aires in November.