Concerns over tariffs weigh on economic prospects, causing US consumer confidence to plummet to a nearly five-year low in April

According to a report by Golden Finance, the Consumer Confidence Index of the US Chamber of Commerce in April fell to a nearly five-year low as concerns over tariffs intensified, dragging down the economic outlook. According to data from the American Conference Board, the consumer confidence index fell 7.9 points in April to 86.0, the lowest level since May 2020. Stephanie Guichard, senior economist for global indicators of the World Federation of Large Enterprises, said: "Consumer confidence fell for the fifth consecutive month in April, falling to the lowest level since the outbreak of the COVID-19 epidemic." It is expected that the US GDP data released tomorrow will show a sharp slowdown in economic growth in the first quarter, as enterprises compete to import goods to avoid rising costs caused by tariffs, leading to a surge in imports. Consumer spending may also significantly slow down, dragged down by high inflation and concerns about the impact of tariffs on the economy, which will prompt some households to cut consumption to save.