Consumer confidence

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.

America's polarized economy and the Fed's rate cut

Illustration: Lazaro Gamio/Axios

It's President Trump's move now that he got the rate cut he's been asking for since March, but Fed chair Jerome Powell stopped just short of giving him and the market everything they wanted at the Fed's policy meeting Wednesday.

Why it matters: Powell's cut is the central bank's latest effort to address the U.S. economy's current bipolar state: While consumers are confident and continue to spend, the significant pullback in the manufacturing and transportation sectors shows that businesses are not.