As President Donald Trump continues to implement his expansive economic agenda, the state of the American economy continues to deteriorate. According to the Conference Board’s most recent survey, released on Tuesday, consumer confidence fell 7.2 points this month to 92.9, its lowest level since January 2021. This continues a downward trend that started in December, following the US presidential election. The fall in March was comparable to that in February, highlighting the growing pessimism among American consumers.
According to the Conference Board survey, Americans are not only anticipating higher inflation this year, but they are also more likely to believe that the economy will enter a recession. Federal Reserve officials also believe that the US economy is headed towards “stagflation,” which is a poisonous mix of slowing growth and rising inflation.
This month, the survey revealed that Americans’ expectations “for income, business, and labour market conditions” in the upcoming year plummeted, falling 9.
One of the main components of Trump’s economic strategy, his trade war with other nations, has been puzzling and divisive: Following complaints from business leaders, the 25% tariffs that Trump had imposed on Canada and Mexico were swiftly postponed for an additional month. Then, after the European Union retaliated against Trump’s metal tariffs, the president escalated the situation by threatening a massive 200% tariff on European alcohol.6 points to 65.2, the lowest level in 12 years. At a nine-month high in March, the percentage of respondents who predicted a recession in the upcoming year remained stable.
Also Read:
Gregorio Maiorano: Bridging Tradition and Innovation: The Future of Art in the Digital Age
