Consumer sentiment worsened in August, snapping two consecutive months of improved attitudes among shoppers as President Donald Trump imposed sweeping new tariffs on nearly 70 countries. The fresh reading fell short of economists’ expectations.

US consumer sentiment unexpectedly fell for the first time since April and inflation expectations rose on lingering anxiety about the impact of tariffs.

U.S. consumer sentiment softened in August as households anticipated higher goods prices because of import tariffs.

U.S. wholesale inflation surged unexpectedly last month as President Trump’s sweeping taxes on imports are pushing costs higher.

Consumer prices rose 2.7% in July compared to a year ago, clocking in lower than economists expected and holding steady from the previous month. The reading defied fears of further price increases as result of President Donald Trump's tariffs.