Trump: 'Economy would go to hell in handbasket' if a Democrat wins the White House

After the White House said tariffs on key Chinese imports should be delayed to Dec.15 for certain articles, President Trump commented on why they were postponed.

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"We have a very powerful country, a very strong economic and military country that's never been better," Trump told reporters in Morristown, New Jersey, on Tuesday. "The stock market is way up today for various reasons, including tariffs."

President Trump's latest tariff threat to Chinese goods had recently spooked markets globally.

"We're [delaying the tariffs] for Christmas season, just in case some of the tariffs would have an impact on U.S. customers, but so far, they've had virtually none," Trump said. "What we've done is we've delayed it so that they won't be relevant for the Christmas shopping season."

We've delayed it so they won't be relevant for the Christmas shopping season.

- President Trump

Trump went on to say the U.S. has collected close to $59 billion in tariffs thus far from China, which he called "amazing." He said his call on Monday with China was "very productive," but he said he thinks China wants to do something "dramatic."

"I was not sure whether or not they wanted to wait until a Democrat had a chance to get in. Hopefully that's not going to happen because the economy would go to hell in a handbasket very fast, but [China] really would like to make a deal," Trump said.

The economy would go to hell in a handbasket very fast.

- President Trump

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FOX Business' Ken Martin contributed to this report.