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Washignton
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The Trump administration’s trade agreements with a handful of countries are helping Americans feel somewhat more confident about the economy’s health and its future.
Consumer confidence climbed 2 points this month to a reading of 97.2, the Conference Board said Tuesday, showing people’s attitudes about the economy have stabilized after deteriorating sharply during the spring when Trump unveiled massive tariffs that threatened to jack up prices and weaken the labor market.
But consumer confidence has recovered somewhat since then. The stiff levies Trump unveiled in April have been delayed several times and the administration said it has brokered trade agreements with seven countries.
Earlier this week, the Trump administration announced that it negotiated the contours of a trade agreement with the European Union, one of America’s biggest trading partners, describing it as the “biggest deal ever made.” The survey was conducted in the weeks leading up to July 20, so it doesn’t capture the EU trade deal.
“Consumer confidence has stabilized since May, rebounding from April’s plunge, but remains below last year’s heady levels,” said Stephanie Guichard, senior economist of global indicators, at The Conference Board. “Tariffs remained top of mind and were mostly associated with concerns that they would lead to higher prices.”
This story is developing and will be updated.