Concerns over tariffs weigh on economic outlook, with U.S. consumer confidence plunging to a nearly five-year low in April
ChainCatcher news, according to Jin10 data reports, the U.S. Conference Board Consumer Confidence Index fell to a nearly 5-year low in April, as concerns over tariffs intensified, dragging down economic prospects. The U.S. Conference Board data shows that the Consumer Confidence Index dropped by 7.9 points in April to 86.0, the lowest level since May 2020.Stephanie Guichard, Senior Economist at the World Federation of Large Enterprises Global Indicators, stated: "Consumer confidence has declined for the fifth consecutive month in April, reaching its lowest level since the outbreak of the COVID-19 pandemic." The U.S. GDP data, expected to be released tomorrow, is anticipated to show a significant slowdown in economic growth in the first quarter, as businesses rush to import goods to avoid rising costs from tariffs, leading to a surge in imports. Consumer spending may also slow significantly, as high inflation and concerns about the economic impact of tariffs prompt some households to cut back on spending to preserve savings.