Stories

China tariffs will hit fall shoppers despite Trump's postponement

A list of economies facing recession fears
Screenshot: MSNBC

Despite President Trump's reprieve until Dec. 15 for some China tariffs, $33 billion in apparel, shoes and hats are among items subject to a 10% tariff on Chinese imports beginning Sept. 1, the Wall Street Journal reports.

Why it matters: Previous rounds of tariffs have mostly gone unnoticed by American consumers, since they mainly affected telecommunications equipment, metal alloys and mechanical devices, says the WSJ.

Yes, but: Trump's postponement of the tariffs shouldn't be labeled as a "de-escalation" according to Chris Krueger, managing director of the Cowen Washington Research Group. It's like telling someone, "I was going to break both of your arms on Sept. 1 — now I am only going to break your elbow," Kruger noted.

Self-inflicted wound: Steve Rattner writes for the N.Y. Times ("How World Leaders Ruined the Global Economy") that the U.S., U.K., Europe, China and India "took the best growth picture in a decade and put us in danger of recession."

By the numbers: 69% of consumer goods from China will be affected by the new tariffs starting Sept. 1. Previously, only 29% of goods were affected, the WSJ reports.

Go deeper: How the U.S. decided which China tariffs will be delayed