BURSTConsumer confidence has struggled to bounce back from President Trump's sweeping tariffs on imports from most countries despite the temporary reprieve he offered shoppers last month, according to new data released Friday.
The University of Michigan's Surveys of Consumers found buyer sentiment, views of current conditions and expectations all continued what has become four consecutive months of decline, though May figures did not fall as drastically as previous months this year.
"Tariffs were spontaneously mentioned by nearly three-quarters of consumers, up from almost 60 percent in April," Surveys of Consumers director Joanne Hsu said in her analysis of the findings. "Uncertainty over trade policy continues to dominate consumers’ thinking about the economy."
Trump launched his "Liberation Day" tariffs in early April, but he announced a 90-day partial pause with several countries on April 9 to allow leaders time to negotiate trade deals more favorable to the U.S.
Hsu noted that there was a "very minor increase in sentiment" after Trump announced the pause but it didn't overcome the drop already seen.
Sentiment is now down nearly 30 percent since January, hitting 50.8 percent in the May report.
The University of Michigan researchers conducted the latest survey between April 22 and May 13. The U.S. and China reached a separate 90-day pause on May 12, so the results may not have captured the impact of that move.