What Happened: U.S. Commerce Secretary Wilbur Ross has said China didn't grant any concessions in return for the U.S. government's decision to delay some tariffs on Chinese imports until Dec. 15, CNBC reported Aug. 14. Instead, Ross said the decision was motivated by the desire to soften the blow of tariffs on U.S. consumers during the holiday shopping period.
Why It Matters: Ross' comments indicate that the decision to delay some tariffs were a way for the White House to walk back some of President Donald Trump's previous tariff threats without losing credibility.
Background: Trump announced Aug. 2 that the United States would place a 10 percent tariff on $300 billion worth of Chinese imports. The Office of the U.S. Trade Representative confirmed Aug. 13 that it would move forward with the tariffs in two tranches on Sept. 1 and Dec. 15.