Major retailers temper expectations for 2025 as Americans slow their spending WSOC TV [Video]

A pullback by American shoppers has led to more caution from national retailers about their sales potential in 2025, Abercrombie & Fitch on Wednesday becoming the latest.

U.S. consumer confidence plunged last month, the biggest monthly decline in more than four years, according to the Conference Board. Respondents to the board’s survey expressed concern over inflation with a significant increase in mentions of trade and tariffs, the board said.

The imposition of new tariffs this week by President Donald Trump against America’s three biggest trading partners drew immediate retaliation from Mexico, Canada and China, sending financial markets into a tailspin. Tariffs threaten to rekindle inflation, which in recent weeks appears to have begun to tick higher and has created more uncertainty for families and businesses.

Trump imposed 25% taxes, or tariffs, on Mexican and Canadian imports, though he limited the levy to 10% on Canadian energy. Trump also doubled the tariff he slapped …