The University of Michigan's Surveys of Consumers on Friday showed a significant decline in morale among Republicans, suggesting that even Trump's base was becoming concerned with the president's sweeping tariffs, which this week led retail giant Walmart to warn that it would start raising prices at the end of month because of increased costs from import duties.

The University of Michigan's consumer sentiment index dropped to 50.8 this month, the lowest level since June 2022, from a final reading of 52.2 in April. Economists polled by Reuters had forecast the index would rise to 53.4.