Consumers in the United States have cut their spending by the most since February 2021, while their incomes have risen. The threat of tariffs from President Donald Trump on imports from Canada, Mexico, and China is causing economic uncertainty and may lead to higher prices. Inflation has cooled slightly, but the ongoing tariff threats could disrupt this progress. Some companies are already planning to raise prices in response to the potential tariffs, which could impact consumer spending and economic growth. Additionally, the proposed government job cuts could lead to layoffs and higher unemployment rates, further impacting the economy.
Source: https://www.yahoo.com/finance/news/consumers-cut-spending-most-four-134226292.html