U.S. consumer confidence sharply deteriorated in March

Consumer confidence in the United States plummeted in March, with inflation expectations soaring due to concerns that President Trump's comprehensive tariff policy would drive up prices and weaken the economy. Trump's tariffs have sparked a trade war. The consumer confidence index released by the University of Michigan on Friday fell from 64.7 in February to 57.9, erasing all gains since Trump won the election in November last year. Consumer inflation expectations for the next 12 months jumped from 4.3% in February to 4.9%. Over the next five years, consumers expect an inflation rate of 3.9%. The impact of tariffs and escalation of trade wars have disrupted financial markets and triggered stock sell-offs, which also led to this month's low morale. A public opinion poll showed that 57% of respondents believe that Trump's measures to revive the economy are too unstable, including drastic cuts in government spending and massive layoffs of federal employees; while 53% believe that tariff wars do more harm than good.