Gas prices are displayed at an Exxon Gas Station in Falls Church, Virginia, August 24, 2026.
Consumer Confidence Hits Lowest Level in Months as US Faces 'Trump's Reckless Tariffs and War With Iran'
"Americans are begging for some breathing room—and there’s no relief in sight as Trump turns a blind eye and Republicans greenlight his disastrous economic agenda."
The Conference Board revealed on Tuesday that US consumer confidence fell in August for the second consecutive month to its lowest level since January, the month before President Donald Trump launched his illegal war with Iran.
The latest Consumer Confidence Index found that while US consumers grew slightly more optimistic about present business and labor market conditions, they grew more pessimistic about conditions in the coming months.
The Conference Board found that consumers' worries about the price of oil and gas "remain elevated," while also anticipating both higher inflation and interest rates over the next 12 months.
Michael McKee, international economics and policy correspondent for Bloomberg News, pointed out that the August decline in consumer confidence wasn't the only negative data point for the economy, as new home sales for the month came in "weaker than expected," and the Richmond Fed Manufacturing Index also posted a monthly decline.
"There certainly is a lot of unhappiness out there," said McKee. "Both in... CEOs' point of view from the Richmond area and the Conference Board consumer confidence."
US consumer confidence fell in August to the worst since the start of the year as the Conference Board’s gauge of confidence decreased 0.8 points to 89.4 after a downward revision to the prior month.
Michael McKee breaks down the data https://t.co/UIpvGyizTu pic.twitter.com/1jJgBHsXLs
— Bloomberg TV (@BloombergTV) August 25, 2026
Kendall Witmer, rapid response director for the Democratic National Committee, pounced on the Conference Board's latest report, describing it as an indictment of Trump's economic leadership.
"Donald Trump’s reckless tariffs and war with Iran have pushed everyday Americans to the brink," said Witmer, "as prices soar and job cuts mount; it’s no wonder they’re feeling terrible about Trump’s economy... Americans are begging for some breathing room—and there’s no relief in sight as Trump turns a blind eye and Republicans greenlight his disastrous economic agenda."
Trump's Iran War, which he launched without congressional authorization in February, sent the price of oil, diesel, and gasoline spiking. A report released Monday by Democrats on the US Congressional Joint Economic Committee estimates that the war has forced Americans to spend an extra $71.5 billion on gasoline, which averages out to $604 per family.
Trump has also been ramping up the global trade war he started in April 2025 with the "Liberation Day" tariffs that the US Supreme Court earlier this year ruled were illegal.
Talks between the Trump administration and Canada, the US' largest trading partner, broke down late last week after American negotiators reportedly made a series of last-minute demands that Canadian Prime Minister Mark Carney said were direct attacks on his country's sovereignty.
Canada on Tuesday hit back against the president by slapping retaliatory tariffs on roughly $20 million in US goods including steel, aluminum, seafood, and dairy products.
Ontario Premier Doug Ford on Monday said that tariffs were being crafted specifically to economically hurt states that voted for Trump in the 2024 election.
“The red states, we’re going to hit hard,” said Ford.
An Urgent Message From Our Co-Founder
Dear Common Dreams reader, It’s been nearly 30 years since I co-founded Common Dreams with my late wife, Lina Newhouser. We had the radical notion that journalism should serve the public good, not corporate profits. It was clear to us from the outset what it would take to build such a project. No paid advertisements. No corporate sponsors. No millionaire publisher telling us what to think or do. Many people said we wouldn't last a year, but we proved those doubters wrong. Together with a tremendous team of journalists and dedicated staff, we built an independent media outlet free from the constraints of profits and corporate control. Our mission has always been simple: To inform. To inspire. To ignite change for the common good. Building Common Dreams was not easy. Our survival was never guaranteed. When you take on the most powerful forces—Wall Street greed, fossil fuel industry destruction, Big Tech lobbyists, and uber-rich oligarchs who have spent billions upon billions rigging the economy and democracy in their favor—the only bulwark you have is supporters who believe in your work. But here’s the urgent message from me today. It's never been this bad out there. And it's never been this hard to keep us going. At the very moment Common Dreams is most needed, the threats we face are intensifying. We need your support now more than ever. We don't accept corporate advertising and never will. We don't have a paywall because we don't think people should be blocked from critical news based on their ability to pay. Everything we do is funded by the donations of readers like you. When everyone does the little they can afford, we are strong. But if that support retreats or dries up, so do we. Will you donate now to make sure Common Dreams not only survives but thrives? —Craig Brown, Co-founder |
The Conference Board revealed on Tuesday that US consumer confidence fell in August for the second consecutive month to its lowest level since January, the month before President Donald Trump launched his illegal war with Iran.
The latest Consumer Confidence Index found that while US consumers grew slightly more optimistic about present business and labor market conditions, they grew more pessimistic about conditions in the coming months.
The Conference Board found that consumers' worries about the price of oil and gas "remain elevated," while also anticipating both higher inflation and interest rates over the next 12 months.
Michael McKee, international economics and policy correspondent for Bloomberg News, pointed out that the August decline in consumer confidence wasn't the only negative data point for the economy, as new home sales for the month came in "weaker than expected," and the Richmond Fed Manufacturing Index also posted a monthly decline.
"There certainly is a lot of unhappiness out there," said McKee. "Both in... CEOs' point of view from the Richmond area and the Conference Board consumer confidence."
US consumer confidence fell in August to the worst since the start of the year as the Conference Board’s gauge of confidence decreased 0.8 points to 89.4 after a downward revision to the prior month.
Michael McKee breaks down the data https://t.co/UIpvGyizTu pic.twitter.com/1jJgBHsXLs
— Bloomberg TV (@BloombergTV) August 25, 2026
Kendall Witmer, rapid response director for the Democratic National Committee, pounced on the Conference Board's latest report, describing it as an indictment of Trump's economic leadership.
"Donald Trump’s reckless tariffs and war with Iran have pushed everyday Americans to the brink," said Witmer, "as prices soar and job cuts mount; it’s no wonder they’re feeling terrible about Trump’s economy... Americans are begging for some breathing room—and there’s no relief in sight as Trump turns a blind eye and Republicans greenlight his disastrous economic agenda."
Trump's Iran War, which he launched without congressional authorization in February, sent the price of oil, diesel, and gasoline spiking. A report released Monday by Democrats on the US Congressional Joint Economic Committee estimates that the war has forced Americans to spend an extra $71.5 billion on gasoline, which averages out to $604 per family.
Trump has also been ramping up the global trade war he started in April 2025 with the "Liberation Day" tariffs that the US Supreme Court earlier this year ruled were illegal.
Talks between the Trump administration and Canada, the US' largest trading partner, broke down late last week after American negotiators reportedly made a series of last-minute demands that Canadian Prime Minister Mark Carney said were direct attacks on his country's sovereignty.
Canada on Tuesday hit back against the president by slapping retaliatory tariffs on roughly $20 million in US goods including steel, aluminum, seafood, and dairy products.
Ontario Premier Doug Ford on Monday said that tariffs were being crafted specifically to economically hurt states that voted for Trump in the 2024 election.
“The red states, we’re going to hit hard,” said Ford.
The Conference Board revealed on Tuesday that US consumer confidence fell in August for the second consecutive month to its lowest level since January, the month before President Donald Trump launched his illegal war with Iran.
The latest Consumer Confidence Index found that while US consumers grew slightly more optimistic about present business and labor market conditions, they grew more pessimistic about conditions in the coming months.
The Conference Board found that consumers' worries about the price of oil and gas "remain elevated," while also anticipating both higher inflation and interest rates over the next 12 months.
Michael McKee, international economics and policy correspondent for Bloomberg News, pointed out that the August decline in consumer confidence wasn't the only negative data point for the economy, as new home sales for the month came in "weaker than expected," and the Richmond Fed Manufacturing Index also posted a monthly decline.
"There certainly is a lot of unhappiness out there," said McKee. "Both in... CEOs' point of view from the Richmond area and the Conference Board consumer confidence."
US consumer confidence fell in August to the worst since the start of the year as the Conference Board’s gauge of confidence decreased 0.8 points to 89.4 after a downward revision to the prior month.
Michael McKee breaks down the data https://t.co/UIpvGyizTu pic.twitter.com/1jJgBHsXLs
— Bloomberg TV (@BloombergTV) August 25, 2026
Kendall Witmer, rapid response director for the Democratic National Committee, pounced on the Conference Board's latest report, describing it as an indictment of Trump's economic leadership.
"Donald Trump’s reckless tariffs and war with Iran have pushed everyday Americans to the brink," said Witmer, "as prices soar and job cuts mount; it’s no wonder they’re feeling terrible about Trump’s economy... Americans are begging for some breathing room—and there’s no relief in sight as Trump turns a blind eye and Republicans greenlight his disastrous economic agenda."
Trump's Iran War, which he launched without congressional authorization in February, sent the price of oil, diesel, and gasoline spiking. A report released Monday by Democrats on the US Congressional Joint Economic Committee estimates that the war has forced Americans to spend an extra $71.5 billion on gasoline, which averages out to $604 per family.
Trump has also been ramping up the global trade war he started in April 2025 with the "Liberation Day" tariffs that the US Supreme Court earlier this year ruled were illegal.
Talks between the Trump administration and Canada, the US' largest trading partner, broke down late last week after American negotiators reportedly made a series of last-minute demands that Canadian Prime Minister Mark Carney said were direct attacks on his country's sovereignty.
Canada on Tuesday hit back against the president by slapping retaliatory tariffs on roughly $20 million in US goods including steel, aluminum, seafood, and dairy products.
Ontario Premier Doug Ford on Monday said that tariffs were being crafted specifically to economically hurt states that voted for Trump in the 2024 election.
“The red states, we’re going to hit hard,” said Ford.