Sentiment tanked 12%

Consumer sentiment tanked 12% this month as Americans remain on edge ahead of expected Trump tariffs

From CNN's Bryan Mena

Americans remain uneasy about the economy, with President Donald Trump set to announce a sweeping spate of tariffs in just a few days.

Consumer sentiment tanked 12% this month, the University of Michigan said in its latest survey released Friday. That was a slightly steeper decline than the one reported in a preliminary reading earlier this month. Respondents blamed Trump’s erratic trade war for their jitters, the survey said.

“Consumers continue to worry about the potential for pain amid ongoing economic policy developments,” Joanne Hsu, the survey’s director, said in a release. “Notably, two-thirds of consumers expect unemployment to rise in the year ahead, the highest reading since 2009.”

On Wednesday, Trump is set to announce duties that match the ones foreign countries impose on the United States, so-called reciprocal tariffs, which he has referred to as “the big one.” Trump this week already escalated his trade war by announcing 25% tariffs on all car imports, taking effect on April 3. So far, Trump has slapped tariffs on metals and doubled duties on China to 20%.