Article snippet: The Trump administration is poised to impose 15 percent tariffs on roughly $112 billion of Chinese imports on Sunday, the latest escalation in a tit for tat trade war. The latest salvo comes amid growing fears of a global economic downturn and increasing pessimism about the prospects of striking a trade deal. Here are five things you should know about the newest round of tariffs: The new tariffs will hit consumer goods, including some big holiday retail items. Until now, the Trump administration has tried to shield consumers from the effects of tariffs by focusing mostly on intermediate goods, which businesses buy to make their finished products. The upcoming round of tariffs cuts directly into consumer products, meaning people will start to see an increase in their bills. Trump decided to postpone part of the tariffs until Dec. 15, allowing retailers to stock up on inventory ahead of the winter holidays, the biggest spending season of the year. But there are plenty of popular gift items on the list, such as shoes, winter clothes, sports equipment, some electronics and toys, and even Christmas ornaments. Economists say the tariffs may not affect prices right away, as sellers sell off inventory and look for ways to keep prices from rising in the short term. But that will only last so long. “I think it’ll take a little while. It could be months,” said Scott Eastman, a researcher at the Tax Foundation, a right-leaning think tank. “But in the medium term, we should ... Link to the full article to read more