Aides convinced Trump to defer the rates by warning that they could "ruin" Christmas: CNN

President TrumpDonald John TrumpTrump observes Portland "very closely" as he prepares to face dueling protests WaPo calls Trump administration a "threat" to endangered species Democrats are they becoming like Trump? MOREAccording to a new CNN report, the decision to delay tariffs may have been partly motivated by concerns about the implementation of such tariffs.

Sources close to the case reportedly told CNN that its employees had warned Trump that the application of tariffs on all imports from China could "ruin Christmas".

The report comes after the White House announced this week that it would delay tariffs on some Chinese products until December 15. Deferred charges related to products such as "cell phones, laptops, video game consoles, some toys, computer screens and others". footwear and clothing articles. "

Many noted that the properties were likely to be on vacation wish lists, which generally stimulates consumer spending at the end of the year.

About 70% of the US economy is driven by consumer spending, and many retail stores and chains rely on buoyant holiday sales for their annual profits.

Retailers also warned that new rates could lead to store closures, price increases and layoffs before the holidays.

The White House did not immediately respond to The Hill's request to comment on CNN's report.

The escalation of trade tensions with China has raised concerns about the state of the global economy. Bank of America economists Goldman Sachs and Moody's Analytics warned this week against the growing threat of a recession. Trade fears also caused Wednesday one of the worst days for the stock market, with the Dow Jones Industrial Average losing 800 points, or 3%.

Data released on Wednesday also showed that the German economy was shrinking and that China's industrial output had fallen to its lowest level in 17 years.