Trump has praised tariffs as a fix for economic issues, but their erratic rollout and shifting reasons have worried investors. See a timeline of the president’s trade rhetoric.

The University of Michigan’s index of consumer sentiment tumbled 10.5% on a monthly basis in March and plunged 27.1% over the past year. The preliminary report released Friday shows that consumers’ expectations of annual inflation climbed to 3.9% from 3.5%, the largest monthly jump since 1993.

With prices still high, the Trump administration is heeding the risks of fanning inflation with import duties.