Americans are increasingly anxious about their financial prospects, with a closely watched gauge of consumer confidence slumping to a 12-year low amid growing concerns about tariffs and inflation.

Consumers are “spooked” by the Trump administration’s trade wars, cuts to the federal government by the so-called Department of Government Efficiency and the recent stock market sell-off, said Bill Adams, the chief economist for Comerica Bank.

U.S. consumer confidence plunged to the lowest level in more than four years in March, with households fearing a recession in the future and higher inflation because of tariffs.