Consumers grew dramatically more worried about near-term inflation as President Donald Trump pushed aggressive tariffs against major U.S. trading partners, a closely watched survey showed Friday.

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.

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.

University of Michigan consumer survey Friday found consumer sentiment fell about 5% on fears inflation will rise to 4.3% under Trump administration tariffs with major U.S. trading partners.

Trade-war headlines are stirring fears of more U.S. inflation ahead. A gauge of the inflation that financial markets expect over the next two years hit more than 2.7% on Monday, its highest level in months,

President Donald Trump said on Friday he plans to announce reciprocal tariffs on many countries next week, a major escalation of his trade war. Trump did not identify which countries would be hit but suggested it would be a broad effort that could also help solve U.

American consumers are growing increasingly worried about how President Donald Trump’s tariffs could affect inflation that has persisted into his second term. A University of Michigan consumer survey for February showed that respondents expect the inflation rate a year from now to be 4.