Trump's country is going to go through a bad phase!
Ever since donald trump implemented the reciprocal tariff policy, many big economists have said that this step is not right for America. Now a survey conducted on American citizens has given more strength to the words of these economists. This survey states that American citizens have become pessimistic about the US economy. Let us tell you what all things came out in this survey.
What revelations were made in the survey?
According to a news published on the website of American news channel CNN, the latest survey of the university of Michigan has revealed that American citizens have become very pessimistic about the economy these days. This month, there has been an 11 percent decline in the Consumer Confidence Index, which is the second lowest level since 1952. The surprising thing is that even during the financial crisis of 2008, people's morale did not fall so much.
Tariff war became the main reason
President Donald Trump's tariff policy remains the main reason for this pessimism. The ongoing tariff war with china has raised the possibility of rising inflation. Although the tariffs imposed on other countries have been stopped for 90 days, the concerns of ordinary Americans have not diminished. people of every age group, income group and political ideology included in the survey have expressed concern about the economic future.
Cloud of crisis on consumer spending
70 percent of the US economy depends on consumer spending. Experts are worried that if people reduce spending, the risk of recession may increase further. Federal Reserve Chairman Jerome Powell says that Americans have been spending despite inflation so far, but if employment opportunities start decreasing, the situation may worsen.
Experts are also giving warning
BlackRock CEO Larry Fink, while talking to CNN, warned that the uncertainty created by Trump's tariff policy could create a situation like the 2008 financial crisis. Similarly, JP Morgan CEO Jamie Dimon has also described tariffs and trade war as a big threat to the economy. In the past few years, the spending of rich Americans has supported the economy, but now their purchasing power may also be affected by the fall in the stock market.