The move is intended to give Washington leverage over Beijing in upcoming trade talks, the paper wrote, citing people familiar with the matter.
It said the tariffs would be set at 10 per cent, less than the 25 per cent previously floated at the beginning of August.
The level was lowered following public hearings but could be raised if Trump decided that Beijing was not acceding to US demands to change its economic policies, the Journal wrote.
An announcement was planned for Monday or Tuesday.
The two countries have already slapped tit-for-tat tariffs on 50 billion dollars' worth of goods since the trade war kicked off in July.