As President Trump's 'Liberation Day' approaches with plans for broad tariffs on key trading partners, economic sentiment among Americans has notably declined. The University of Michigan's consumer survey indicates an 11.9% drop since February and a 28.2% fall over the year, driven by fears of inflation linked to the impending tariff policies. Experts warn that the uncertainty surrounding these tariffs is contributing to a lack of consumer confidence, while Fed Chair Jerome Powell attributes rising grocery prices to the turmoil arising from significant policy shifts. The economic landscape appears strained as Americans brace for potential fallout from these policies.
One of those developments is Trump's tariff plans; Trump has maintained that his trade policies will bring in revenue and restore jobs but acknowledged in February that Americans will feel 'some pain' as a result.
Federal Reserve Chair Jerome Powell said during a March press conference that the poor consumer sentiment among Americans, especially concerning high grocery prices, 'probably has to do with turmoil at the beginning of an administration that's making big changes in policy.'
Trade policy experts said the uncertainty with Trump's tariff policy is keeping Americans, businesses, and markets on edge.
The consumer reading was down 11.9% from February and 28.2% from one year ago.
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