American confidence in the economy under President Donald Trump has hit an all-time low, according to a preliminary reading for May. The U.S. consumer sentiment index dropped to 50.8, down from 52.2 in April, marking the second-lowest reading on record and the lowest during Trump’s presidency. This decline is attributed to concerns over tariffs and potential inflation spikes.
Nearly three-quarters of surveyed consumers cited tariffs as a major concern, up from almost 60% in April. Despite a 90-day pause on tariffs for Chinese imports announced by Trump, consumer confidence remained subdued. Inflation expectations for the coming year rose to 7.3%, up from 6.5% in April, reflecting ongoing economic uncertainty.
— new from The Daily Beast
