China reiterated its previous stance in a statement that came shortly after Mr. Trump said he would hold off on some of the tariffs, and just a day after one of Wall Street’s worst days of the year.

Impact: The Trump administration’s decision to delay tariffs on toys for the holiday shopping season was a relief, but a brief one; manufacturers are already fretting about next year.

Concerns: More than 30 central banks around the world have cut interest rates this year amid rising fears of another global recession.

Analysis: Economists say Mr. Trump’s tariffs are causing damage unacknowledged by his administration. Sticking with the trade war could bet the health of the economy on the Federal Reserve’s ability to provide a sufficient buffer if a global downturn sets in.