CLEVELAND, OH (WOIO) - The White House announced Tuesday morning that it will move forward with a 25 percent tariff on $50 billion worth of Chinese goods trying to come into the U.S. marketplace.
The full list of which items that will see the additional tax will be put out by June 15, 2018.
The statement from the White House seems to focus on technology which could mean a markup of your next "Made in China" technology product.
Again the White House is attacking China and its stealing of U.S. companies' technology through pirated means.
"The cost of China's intellectual property theft costs United States innovators billions of dollars a year, and China accounts for 87 percent of counterfeit goods seized coming into the United States," the statement read.
The fear, and the ripple effect on Wall Street, is this could be the beginning of a trade war that last week the Trump Administration says was on hold.
In making its case for the tariff the administration says China has been gauging the U.S. on imports for years.
"China's average tariff rate is nearly three times higher than the average United States rate," the White House statement read. "Certain products are even more imbalanced, for instance, the United States charges a 2.5 percent tariff on Chinese cars, while China currently maintains a 25 percent tariff on cars from the United States."