Concerns About Tariffs Weigh on Economic Outlook, U.S. Consumer Confidence in April Plunges to Nearly Five-Year Low

April 29th: In April, the U.S. Consumer Confidence Index plummeted to nearly a 5-year low. This downturn was driven by the escalating concerns over tariffs, which had a negative impact on economic prospects. According to data from the U.S. Conference Board, the April Consumer Confidence Index decreased by 7.9 points to 86.0, marking the lowest level since May 2020. Stephanie Guichard, the Chief Economist of the World Business Federation Global Index, pointed out: "Consumer confidence in April experienced a consecutive fifth-month decline and reached its lowest level since the outbreak of the COVID-19 pandemic." It is anticipated that tomorrow's U.S. GDP data will reveal a significant slowdown in economic growth during the first quarter. This is because businesses were in a hurry to import goods in order to avoid the cost increase caused by tariffs, resulting in a surge in imports. Additionally, consumer spending may also slow down significantly. Persistently high inflation and concerns about the economic impact of tariffs will prompt some households to reduce spending and increase savings. (Oriental Fortune Network)