US President Donald Trump expressed optimism about the economy, stating that “we’re on the right track.” However, a recent consumer confidence report reveals a different story. The latest numbers show that American consumers’ confidence has fallen to its lowest level since January 2021, with a proportion of people anticipating a recession at a 9-month high.
The White House has announced new tariffs on foreign-made cars and car parts, citing the goal of “making America great again.” However, experts disagree, warning that these tariffs will lead to higher prices. Mark Zandi, chief economist of Moody’s Analytics, predicts that by next year, the average price of a car could increase by $5,000 to $10,000.
The administration has provided limited detail on the incoming wave of tariffs, with Trump saying they will be “conservative” and that consumers will be surprised. The new auto tariffs are set to take effect on April 2, but cars that comply with the US-Mexico-Canada trade agreement will receive a temporary exemption.
Source: https://www.scrippsnews.com/politics/economy/this-week-trump-rolled-out-more-tariffs-as-consumer-confidence-plummets