US president Donald Trump. Photo: Reuters
US consumer sentiment deteriorated further in May, with one-year inflation expectations soaring to levels last seen in late 1981 amid escalating fears over the economic impact of US president Donald Trump’s trade policy.
The University of Michigan’s Surveys of Consumers on Friday showed a significant decline in morale among Republicans, suggesting that even Mr Trump’s base was becoming concerned with the president’s sweeping tariffs, which this week led retail giant Walmart to warn that it would start raising prices at the end of month because of increased costs from import duties.
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