Under pressure from retailers to prevent a move that would likely have caused prices of popular consumer goods to spike, aides cautioned the new tariffs could effectively 'ruin Christmas,' according to people familiar with the matter
Under pressure from retailers to prevent a move that would likely have caused prices of popular consumer goods to spike, the President's team came to him during a meeting last week with a warning. Applying new tariffs on all Chinese imports, they cautioned, could effectively"ruin Christmas," according to people familiar with the matter.It was a tactic that worked: Trump announced the tariffs would be delayed until December 15.
While stocks tumble, Trump tweets 02:58The importance of the economy to his political future has long been an underlying theme of Trump's discussions with his team, people familiar with the conversations said, even as the make-up of that team changes over time.His chief economic adviser Larry Kudlow, who is approaching two years on the job, is expected to leave in the coming months. His top economist Kevin Hassett exited with a promise to be"a resource ... from the outside.
Why you'll feel the latest round of tariffs 02:09Trump is spending the week at his Bedminster golf course, but his economic team is scattered in other locations. Navarro is in Washington while Ross is in New York. Mick Mulvaney, the former budget chief who is now acting chief of staff, joined Trump in New Jersey.
Analyst: Signs signal a nearing global recession 04:12While some officials described Trump as jolted by the fresh recession fears that rocked the market on Wednesday, others said he did not appear deeply concerned that a downturn could materialize in the next two years.Instead, he's been more focused on what such an economic event -- or the appearance that one is imminent -- may have on his political prospects.
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