Trump's on-again, off-again tariff threats against Canada, Mexico, China and others have left the US financial markets in turmoil and consumers unsure what the year might bring.
Stock markets just ended their worst week since the November election.
Measures of consumer confidence are down, as shoppers -- already battered by years of inflation -- brace for the higher prices that tariffs can bring.
And widespread government layoffs being engineered by Trump's billionaire advisor Elon Musk add further concern.
Some signs are mixed.
A widely watched Atlanta Federal Reserve index now predicts a 2.4 percent contraction of real GDP growth in the year's first quarter, which would be the worst result since the height of the Covid-19 pandemic.