Consumer sentiment continues to plunge on fears over Trump’s trade war, tumbling 11% this month
CNN
The Trump bump in consumer sentiment is now a Trump slump.
The Trump bump in consumer sentiment is now a Trump slump. Americans continue to grow worried over President Donald Trump’s escalating and haphazard trade war, according to the University of Michigan’s latest consumer survey released Friday. Consumer sentiment fell 11% this month, a preliminary reading showed, reaching its lowest level since November 2022. That’s a sharp retreat from December, after the US presidential election, when sentiment rose to its highest level in months. The Trump administration’s rollout of its long-promised tariffs has been both erratic and contentious: Earlier this month, Trump imposed 25% tariffs on Mexico and Canada, only to delay those duties again after pleas from business leaders; then after US tariffs on steel and aluminum imports went into effect Wednesday, the European Union and Canada responded swiftly with their own tariffs. That’s caused uncertainty to intensify in recent weeks, rattling Wall Street and making it difficult for companies to plan ahead, according to recent business surveys. It’s also sowed inflation fears. “Many consumers cited the high level of uncertainty around policy and other economic factors; frequent gyrations in economic policies make it very difficult for consumers to plan for the future, regardless of one’s policy preferences,” Joanne Hsu, the survey’s director, said in a release. This story is developing and will be updated.
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