Concerns About Tariffs Weigh on Economic Outlook, U.S. Consumer Confidence in April Plunges to Nearly Five-Year Low

BlockBeats News, April 29th: The U.S. Consumer Confidence Index fell to nearly a 5-year low in April, as concerns over tariffs escalated, dragging down economic prospects. Data from the U.S. Conference Board shows that the April Consumer Confidence Index dropped by 7.9 points to 86.0, the lowest level since May 2020. Stephanie Guichard, Chief Economist of the World Business Federation Global Index, stated: "Consumer confidence in April declined for the fifth consecutive month, reaching its lowest level since the outbreak of the COVID-19 pandemic." It is expected that tomorrow's U.S. GDP data will show a significant slowdown in economic growth in the first quarter, as businesses rushed to import goods to avoid the cost increase due to tariffs, leading to a surge in imports. Consumer spending may also slow significantly, as persistently high inflation and concerns about the economic impact of tariffs will prompt some households to cut back on spending to increase savings. (Oriental Fortune Network)