The Trump administration's tariffs last week set off a market slump.
A University of Michigan survey in March showed consumer sentiment declining due to slumping markets, trade war escalations, and recession fears. Expectations worsened across personal finances, labor markets, inflation, and stock markets, with both Democrats and Republicans reporting soured sentiment. Consumers anticipate a rise in inflation, and experts worry that higher prices and economic uncertainty could dampen consumer spending. Economists have increased the probability of a recession.
