President Trump Donald John TrumpFederal prosecutor speaks out, says Barr 'has brought shame' on Justice Dept. Former Pence aide: White House staffers discussed Trump refusing to leave office Progressive group buys domain name of Trump's No. 1 Supreme Court pick MORE's decision to delay tariffs may have been partially driven by concerns that implementing such tariffs would hurt Christmas, according to a new report from CNN.

Sources familiar with the matter reportedly told CNN that aides warned Trump that slapping tariffs on all Chinese imports could "ruin Christmas."

The report comes after the White House announced this week that it would delay tariffs on certain Chinese goods until Dec. 15. The postponed tariffs were on goods including “cell phones, laptop computers, video game consoles, certain toys, computer monitors, and certain items of footwear and clothing."

Many noted the goods were those items likely to be on holiday wishlists, which typically boost consumer spending at the year's end.

ADVERTISEMENT

Roughly 70 percent of the U.S. economy is driven by consumer spending and several retail stores and chains depend on booming holiday sales for annual profits.

Retailers had also warned that new tariffs could lead to store closings, price increases and layoffs ahead of the holidays.

The White House did not immediately respond to The Hill's request for comment on CNN's report.

Escalating trade tensions with China have prompted anxiety over the state of the global economy, with Bank of America, Goldman Sachs and Moody’s Analytics economists warning this week of a growing threat of a looming recession. The trade fears also prompted one of the worst days for the stock market on Wednesday, as the Dow Jones Industrial Average dropping 800 points, or 3 percent.

Data released Wednesday also showed the German economy shrinking and Chinese industrial production slumping to a 17-year low.