【Concerns over tariffs drag down economic outlook; US consumer confidence plummets to nearly five-year low in April】
On April 29, the US Consumer Confidence Index from the Conference Board fell to its lowest level in nearly five years in April, due to increasing concerns over tariffs that are dragging down the economic outlook. Data from the Conference Board shows that the Consumer Confidence Index dropped by 7.9 points to 86.0, the lowest level since May 2020. Stephanie Guichard, Senior Economist at the Conference Board Global Indicators, stated: "Consumer confidence has declined for the fifth consecutive month in April, reaching its lowest point since the outbreak of the COVID-19 pandemic." The US GDP data scheduled for release tomorrow is expected to show a significant slowdown in economic growth in the first quarter, as companies rush to import goods to avoid rising costs due to tariffs, leading to a surge in imports. Consumer spending may also slow significantly, hampered by persistently high inflation and concerns about the impact of tariffs on the economy, prompting some households to cut back on consumption to save their savings.
