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.

In the first 50 days of his second term, President Trump’s penchant for imposing and then suspending tariffs has shaken markets and confounded trading partners.