Consumer sentiment continued to fall in February as worries over inflation and the possibility of higher prices to come from President Donald Trump ’s tariffs policy appeared to drive the University of Michigan’s monthly sentiment index down.

The more President Donald Trump threatens tariffs on the US’s trading partners, the more the worry of another inflation wave troubles global economists.

In the long term, it’s unclear whether Trump’s threatened trade war will bring domestic manufacturing back to the U.S. and start a new industrial renaissance. In the meantime, American consumers will likely be stuck holding the bag.

The full suite of tariffs sought by the administration would have created notable upward pressure for already high levels of inflation, a report said.

There’s a growing sense among some inside the Federal Reserve that President Donald Trump’s willingness to use tariffs as a tool to accomplish his administration’s aims will end up boosting inflation,