by Jordan Hilger, Worthy News Correspondent
(Worthy News) – The Trump administration announced Sunday that it would drop its plans to impose tariffs on $160 billion of Chinese goods in exchange for Chinese investment in American farming as part of the promised trade deal between the two nations.
The dropped tariffs would have affected virtually every Chinese good that enters the US, from smartphones to toys, and are supplemented by a US commitment to reduce tariffs on $112 billion of Chinese goods from 15% to 7.5%.
China also agreed to stop pressuring foreign companies to hand over coveted trade secrets as an entry fee to dealing in Chinese markets, a long-criticized practiced of the communist regime.
The deal is expected to be signed the first week of January and to take effect at the end of the month.
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