US stock markets fell sharply Friday after an economic report showed American consumers are growing increasingly fearful of price increases and how President Donald Trump’s tariffs could reignite the inflation crisis.

Taken together, the combination of increased concern about the effects of Trump’s economic proposals and heightened inflation are a warning sign for the new administration as it tries to deliver on its promise of broad tariffs on imported goods, tax cuts and mass deportations of immigrants.

Inflation expectations surged on concerns that President Donald Trump’s tariffs will translate into higher prices, according to the UM survey.