President Trump Donald John Trump Trump is watching "very closely" as Portland looks after dueling protests. Vapo calls Trump administrator "another threat" to endangered species Do Democrats turn on Trump like Trump? MORE The decision to delay tariffs may be partly driven by fears that applying such tariffs would hurt Christmas, according to a new CNN report.
Sources familiar with the matter tell CNN that aides are warning Trump that slap tariffs on all Chinese imports could "ruin Christmas."
The report comes after the White House announced this week that it would delay tariffs on some Chinese goods by December 1
Many note that goods are those items that are likely to be on holiday wish lists that typically increase consumer spending at the end of the year.
About 70 percent of the US economy is driven by consumer spending and several stores and retail chains depend on booming holiday sales for annual profits.
Retailers also warn that new tariffs can lead to store closures, price hikes and layoffs before the holidays.
The White House did not immediately respond to The Hill's request for comment on CNN's report.
The escalating trade tensions with China have raised concerns about the state of the global economy, with Bank of America, G Oldman Sachs, and Moody economists. 39; s Analytics warned this week of a growing threat of an oncoming recession, with trading fears triggering one of the worst days for the stock market on Wednesday as the Dow Jones Industrial Average dropped 800 points, or 3 percent.
Wednesday's data also showed that the German economy was declining and Chinese industrial output was falling to a 17-year low.