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.

The University of Michigan consumer survey for February showed that respondents expect the inflation rate a year from now to be 4.3%, a 1 percentage point jump from January and the highest level since November 2023.

Though Trump postponed tariffs against Canada and Mexico, the looming threat of price pass-throughs to consumers shook sentiment. China has levied retaliatory tariffs following Trump’s move.

“Many consumers appear worried that high inflation will return within the next year,” said Joanne Hsu, the survey’s director. “This is only the fifth time in 14 years we have seen such a large one-month rise (one percentage point or more) in year-ahead inflation expectations.”

Longer-run expectations weren’t hit as much, with the five-year outlook drifting up to 3.3%, a 0.1 percentage point gain.

Stocks turned lower after the report, with the Dow Jones Industrial Average initially off more than 100 points.

Worries over inflation dovetailed with lower optimism overall, as the headline index fell to 67.8, a one-month drop of 4.6% and an 11.8% move lower from the same month a year ago. Economists surveyed by Dow Jones had been looking for a reading of 71.3.

Hsu said overall declines in the various survey indexes reflect “a perception that it may be too late to avoid the negative impact of tariff policy.”

The current conditions index also slumped, down to 68.7, or 7.2% lower than January and down 13.5% from a year ago. Expectations declined to 67.3, for a respective drop of 2.9% and 10.5%.