Consumer confidence has declined for four consecutive months due to uncertainty over trade policy, with nearly three-quarters of consumers mentioning tariffs as a major concern.

Consumer attitudes soured in May for the fourth consecutive month, even as President Donald Trump dialed back some tariffs. The reading came in below the level economists expected. Shopper sentiment now hovers near its lowest level since a severe bout of inflation three years ago,

The University of Michigan's Consumer Sentiment Index fell again in May after economists expected a modest increase. Consumer sentiment is at its lowest level in nearly three years.