A new survey from the University of Michigan shows Americans bracing for economic pain as tariffs and policy uncertainty bite.

U.S. consumer sentiment plunged to a nearly 2-1/2-year low in March and inflation expectations soared amid worries that President Donald Trump's sweeping tariffs, which have ignited a trade war, would boost prices and undercut the economy.

Consumers expect prices to rise at an annual rate of 3.9% over the next five to 10 years, up 0.4 percentage point from the prior month and the highest in more than three decades. They saw costs rising at an annual rate of 4.9% over the next year, up from 4.3% and the highest since 2022.