Americans grow concerned over weaker economy and rising prices due to trade policies

A new Harris Poll conducted for Bloomberg News reveals that a majority of Americans disapprove of the US President's trade policy. The poll found that 56% of respondents feel their financial situation has worsened since new tariffs were imposed. In anticipation of higher prices for everyday goods, consumers are already adjusting their spending habits.

Fearing an economic downturn, many Americans are cutting back on discretionary spending like dining out and entertainment. These concerns were reinforced by the nation's largest retailers, including Walmart and Target, which have announced forthcoming price hikes. Walmart CFO John David Rainey stressed that further price increases are "inevitable."

This pessimism continues despite robust employment growth and rebounding equities, with consumer sentiment falling to a historic low in May. Nearly half of those surveyed believe the tariffs will harm the economy, compared to just 30% who expect a positive outcome.

This sentiment was echoed by JPMorgan Chase CEO Jamie Dimon, who recently warned that market participants are underestimating the current economic risks.