Concerns Over Tariffs Weigh on Economic Outlook, U.S. Consumer Confidence Plummets to Near Five-Year Low in April

U.S. consumer confidence dropped to a near five-year low in April due to growing concerns over tariffs that are affecting the economic outlook. According to the Conference Board, the consumer confidence index fell by 7.9 points to 86.0, its lowest level since May 2020. Stephanie Guichard, Senior Economist for Global Indicators at The Conference Board, stated: "Consumer confidence 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 likely to show a sharp slowdown in economic growth for the first quarter, as businesses rushed to import goods to avoid rising costs due to tariffs, leading to a surge in imports. Consumer spending may also slow significantly, affected by persistent inflation and concerns about the impact of tariffs on the economy, prompting some households to cut back on spending to preserve savings.