President Donald Trump has announced trade sanctions on China which could involve imposing tariffs on up to $60 billion of China’s products imported into the U.S.

Fortunately, the full impact is delayed a bit. Trump’s announcement provides for a brief breathing period — 60 days — before sanctions are imposed, which will allow lobbyists and legislators a chance to respond to Trump’s action. It will also give China time to respond.

According to the Administration, one of the principal reasons for imposing punitive tariffs is that China’s trade practices often result in stealing America’s intellectual property.

Although the specific tariffs rates and the products to be affected have not yet been announced, the Administration indicates that it will primarily target products in the technology sector where China holds an advantage over the U.S.

In an earlier Senate Finance Committee presentation, U.S. Trade Representative Robert Lighthizer indicated that the Chinese products that could be subject to new tariffs include aeronautics, modern rail, new-energy vehicles and high-tech products.

As the first chart below indicates, China accounts for a sizable proportion of technology imports into the U.S. (e.g. computers and electronics and electrical equipment and appliances.)

China’s government immediately announced retaliatory measures, indicating that it was planning to impose tariffs on 128 U.S. products accounting for roughly $3 billion in imports.

China’s retaliation may include a 15% tariff on U.S. steel pipes, fresh fruit and wine and a 25% tariff on pork and recycled aluminum. Observers believe that China’s reaction — which technically was a response to previously announced steel and aluminum tariffs by the U.S. — showed restraint and was an effort to avoid triggering an escalation.

China certainly could hurt the U.S. when it comes to American agricultural exports. Indeed, China could retaliate against Donald Trump’s new tariffs by targeting agricultural goods and other products from states that voted for the U.S. President.