President Donald Trump is following through with his threat to impose sanctions against China over violations of intellectual property.
It is rumored that those sanctions could come as early as Thursday, and the up to $60 billion in tariffs would be in additional to the steel and aluminum tariffs that took effect March 16.
These tariffs would be targeted at technology, such as consumer electronics and telecommunications.
Under Trump’s orders, U.S. Trade Representative Robert Lighthizer is investigating allegations that China has been stealing U.S. intellectual property. The administration believes China forces American companies to transfer technological insight to Chinese firms in hopes of doing business.
If these tariffs go through, China is believed to be preparing for a counter attack, targeting U.S. agricultural products, more specifically sorghum, soybeans and pork.
According to a government run Chinese newspaper, U.S. subsidies have given U.S. producers an unfair advantage of selling soybeans to China.
Hear from Patrick Delaney, communications director for the American Soybean Association (ASA) on AgDay above.