The Friday gains come even as consumer sentiment dipped from 52.2 in April to 50.8 in May, according to new data from the University of Michigan. It’s the second lowest score in the survey’s more than-five-decade-long history, only above a low of 50 in June 2022. The monthly results measure how U.S. consumers view the economy as well as their own financial situations.
He added that Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick will begin sending out letters to the U.S.’s trading partners over the next two or three weeks, which will tell “people what they’ll be paying to do business in the United States.”
Friday’s gains cap off a weeklong rebound in the markets, spurred by an announcement on Monday of the U.S. and China’s agreement to temporarily reduce reciprocal tariffs.
In early April, Trump unveiled an aggressive suite of taxes on a score of countries’ exports but reserved the most severe for the People’s Republic. His administration instituted what became a 145% tax on Chinese exports to the States. China soon retaliated with a 125% tariff on American goods.
Amid the trade war, stocks dove and the bonds markets trembled as investors worried that Trump’s tariffs would inflict serious damage onto the world economy.
