President Donald Trump on Tuesday backed off his plan to impose 10% tariffs on r...
The delay in imposition of the tariffs provides some relief to retailers. Although most stores would have stocked their holiday merchandise before the earlier September deadline, some might have faced the tariffs for fill-in orders late in the holiday shopping season.
In a sign the administration may be expecting something in return, Trump tweeted on Tuesday: “As usual, China said they were going to be buying “big” from our great American Farmers. So far they have not done what they said. Maybe this will be different!” Trump tweeted. The 21-page-list of products that won’t get hit with tariffs until December includes baby monitors and strollers, microwaves, instant print cameras, doorbells, high chairs, musical instruments, ketchup dispensers, baby diapers, fireworks, sleeping bags, nativity scenes, fishing reels, paint rollers and food products.
The announcement comes amid growing concerns about a global economic slowdown. Goldman Sachs said on Sunday fears of the U.S.-China trade war leading to a recession are increasing and Goldman no longer expects a trade deal between the two countries before the 2020 U.S. presidential election.
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