Americans aren't feeling encouraged by Trump's trade negotiations
Americans didn't feel any sense of optimism about the US economy this month, despite tensions easing somewhat in President Donald Trump's ever-evolving trade war.
Consumer sentiment held steady in May compared to the prior month at a final reading of 52.2, the University of Michigan said in its latest survey released Friday. Sentiment was slightly worse earlier this month, according to a preliminary reading, which 'turned a corner in the latter half of the month following the temporary pause on some tariffs on China goods,' according to a release.
The chaotic rollout of Trump's tariffs has unsettled Americans in recent months, but it doesn't necessarily mean spending is bound to weaken, economists say. Still, the resilience of the US economy — including the labor market — has come into question as Wall Street, the Federal Reserve and everyday consumers continue to have a bleak outlook.
'Consumers see the outlook for the economy as no worse than last month, but they remained quite worried about the future,' Joanne Hsu, the survey's director, said in a release.
The economy's health now largely hinges on what happens in Trump's trade war. A court this week deemed it unlawful for Trump to use emergency powers to put in place most of his sweeping tariffs, though the administration on Thursday successfully appealed to put them back into place for now. On Friday, Trump claimed that China has 'totally violated' its trade agreement with the United States.
The latest Michigan survey was conducted through May 26, so it doesn't take into account the recent court rulings and Trump lashing out at China.
This story is developing and will be updated.
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