Banks Warn of Risk to U.S. Economy Because of Tariffs

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• 00:03

  U.S. consumer sentiment tanks and inflation expectations rise to their highest in more than 40 years.

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  Plus, Wall Street sounds the alarm for economic volatility ahead because of President Trump's tariff policy.

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  And small businesses might end up as the biggest losers of Trump's trade war.

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  It's like every day they wake up and it's a new reality that they're trying to adjust to.

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  It's Friday, April 11th.

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  I'm Alex O'Sullivan for the Wall Street Journal.

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  This is the PM edition of What's News, the top headlines and business stories that move the world today.

• 00:40

  The U.S. economy showed fresh signs of strain today.

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  Consumer sentiment plunged further this month as recession fears built.

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  The University of Michigan survey, a closely watched index of consumer sentiment,

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  nosedived to 50.8 in April from 57 last month.

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  That was much lower than economists expected and is one of the weakest readings in the past decade.

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  The share of Americans expecting unemployment to rise in the year ahead increased to the highest since 2009,

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  and inflation expectations in the year ahead hit their highest rate since 1981.

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  That uncertainty is hitting Wall Street, too.

• 01:15

  In earnings calls today,

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  executives warned that President Trump's tariffs were sending the U.S. economy into the unknown and

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  that the uncertainty was already hurting consumers and companies alike.

• 01:25

  For more on how banks are gauging what's ahead, I'm joined now by heard on the street columnist Jonathan Weil.

• 01:31

  Jonathan, what kinds of information are banks going to be keeping an eye on to get a sense of where things are headed?

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