President Donald Trump could unveil massive tariffs against China as early as Thursday.
The entire package is expected to impose between $30 billion and $50 billion in tariffs on Chinese imports. It would be in response to a recent U.S. investigation that found China unfairly forces U.S. businesses to turn over valuable technology before doing business within Chinese borders.
That reportedly often leads to loss of intellectual property, which U.S. Trade Representative Robert Lighthizer called "the biggest single advantage of the American economy." President Trump tasked Lighthizer's office with looking into those intellectual property violations.
But the tariffs could have a negative impact on the U.S. economy. Dozens of American companies signed a letter trying to dissuade Trump from imposing blanket tariffs on Chinese goods. There's also fear Beijing might retaliate with tariffs on U.S. agricultural products, igniting a full-scale trade war.