The USTR claimed the proposed tariffs would stymie Chinese plans will "minimizing the impact" on the American economy. The tariffs are still subject to a 60-day notice process that would include public comments until May 11th and a public hearing on May 15th.

Whether or not it plays out as claimed is another matter. Although China does have laws requiring joint ventures for some foreign businesses operating in the country (and thus sharing ideas), this won't necessarily get officials to back off. There are concerns this will simply raise prices for American shoppers. And China has vowed to retaliate with "equal" measures if the tariffs go ahead -- it may be expensive for everyone involved, whether they're companies or customers.