Businesses and consumers have seen the future. And they don’t like it.

(Originally published March 26 in “What in the World“) American consumers and executives are feeling Trumped.

The Conference Board said Tuesday its index of consumer confidence index fell for the fourth consecutive month, to its lowest level since January 2021. Its gauge of Americans’ short-term expectations for business, income, and jobs fell to its lowest in 12 years.

And while U.S. businesses are still doing fine, expectations for the future are not: S&P Global’s Flash US Manufacturing Purchasing Managers Index fell this month to a 3-month low of 49.8. PMI numbers below 50 indicate a contraction. S&P’s gauge of expectations for the year ahead dropped to its second-lowest since October 2022.

While Trump considers his unpredictability one of his most powerful negotiating tactics, it’s wreaking havoc on his constituents. The caprice of his many edicts have introduced a level of uncertainty to U.S. businesses that is proving toxic to investment and growth.

FedEx cited “uncertainty in the US industrial economy” when it last week lowered its full-year profit forecasts. Earlier this month, Delta Airlines said “macro uncertainty” was reducing confidence among its customers. According to the Economist, a recent survey of quarterly earnings calls found that more than half of the companies in the S&P 500 index cited tariffs—the highest in 10 years.