President Trump Donald John TrumpTrump looks "very carefully" as Portland braces to duel protests WaPo calls Trump admin "another threat" to endangered species Do Democrats turn Trump-like? MER 's decision to delay tariffs may have been partly driven by concerns about implementing such tariffs would hurt Christmas, according to a new report from CNN.
Sources familiar with the matter reportedly told CNN that aides warned Trump to drop tariffs on all Chinese imports could "ruin Christmas."
The report comes after the White House announced this week that it would delay customs duties for some Chinese goods until December 1
About 70 percent of the US economy is driven by consumer spending and several retailers and chains rely on thriving holiday sales for annual profits.
Retailers had also warned that new duties could lead to store closures, price increases and layoffs before the holidays.
The White House did not immediately respond to The Hill's request for comment on CNN's report.
Increasing trade tensions with China have caused concern about the state of the global economy, with Bank of America, Oldman Sachs and Moody's Analytics economists warning this week against a growing threat of a looming economic recession. The trade fears also led to one of the worst days for the stock market on Wednesday, when the Dow Jones Industrial Average dropped 800 points, or 3 percent.
Data released on Wednesday also showed that the German economy is shrinking and Chinese industrial output dropped to a 17-year low.