President Donald Trump was set to label China a "strategic competitor" of the United States and pledge to advance his "America First" policy in a new national security strategy to be unveiled Monday, according to senior administration officials.

The strategy initiative, the first of its kind since Trump took office in January, says the U.S. has "the right to defend ourselves" from rising nuclear threats posed by North Korea, the officials told reporters Sunday.

Affirming that "America's economic security is national security," the strategy demands "fair and reciprocal" economic relations around the world, effectively urging China, Japan and other major trading partners to reduce their hefty goods trade surplus with the U.S.