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Trump Administration Responds to Plummeting Consumer Confidence Amid Trade Wars

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  • U.S. consumer sentiment hits historic low
  • University of Michigan index drops by 11% in April
  • President Trump's trade wars impact global markets
  • Press Secretary emphasizes optimism and trust in the economy
  • Administration works to restore consumer confidence
360 summary
  • Press Secretary Karoline Leavitt emphasizes the importance of public trust in President Trump's tariffs plan amidst falling consumer sentiment.
  • The trade war drama has resulted in baseline tariffs on most countries, with imports from China facing a combined 145 percent tax, contributing to concerns about job losses and inflation.
  • The Trump administration's plan to cut new trade agreements with over 75 nations within 90 days aims to address economic challenges and restore confidence in the economy.
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  • Consumers now expect long-term inflation to reach 4.4 percent, up from 4.1 percent last month, potentially influencing the US Federal Reserve's monetary policy decisions.
  • Americans' inflation expectations over the next five years are at the highest level since 1991, indicating growing concerns about the impact of trade wars on the economy.
  • Households and markets alike anticipate lasting damage to the US economy due to tariffs, leading to increased uncertainty and potential economic repercussions.
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