Stay Informed: Real-Time Updates on Donald Trump’s Presidency – CNN Politics

On Friday, US stock markets took a significant hit. An economic report highlighted that many American consumers are worried about rising prices and the impact of President Trump’s tariffs, which might increase inflation.

The Dow Jones Industrial Average dropped 748 points or 1.7%. The S&P 500 also fell by 1.7%, while the Nasdaq experienced a 2.2% decline. Over two days, the Dow lost around 1,200 points.

The University of Michigan released a survey showing that consumer sentiment in the US fell for the second straight month in February. The decline was steep, hitting a 10% drop from January, which was double the earlier estimate.

This dip in consumer confidence is largely due to concerns about Trump’s tariffs leading to higher prices. A recent CNN poll echoed these sentiments; 62% of US adults believe that Trump isn’t doing enough to tackle inflation. Many people are now anxious about potential inflation increases on the horizon.

Investors are worried that this weak consumer sentiment might lead to a decline in spending. Remember, consumer spending accounts for more than two-thirds of the US economy.

Key points to consider:

• Despite these concerns, there are no clear signs of an upcoming recession.
• Job growth has slowed down considerably, as businesses wait to see how Trump’s economic policies, especially regarding tariffs, will affect their profits.
• The housing market is also facing challenges. A report from the National Association of Realtors indicated that existing home sales dropped by 4.9% in January, while prices reached an all-time high, worsening the affordability crisis for many Americans.
• Retail sales have seen a decline as well.

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