U.S. consumer sentiment unexpectedly fell to the second-lowest level on record and inflation expectations climbed to multi-decade highs amid growing concerns about tariffs.

The preliminary May sentiment index declined to 50.8 from 52.2 a month earlier, according to the University of Michigan. That was lower than all but one estimate in a Bloomberg survey of economists.

Nearly three-fourths of respondents spontaneously mentioned tariffs, indicating trade policy continues to dominate consumers’ views of the economy. The topic crosses partisan lines, including a notable share of Republicans bringing it up.

The survey was conducted between April 22 and May 13, a period that ended just after the U.S. and China agreed to temporarily reduce tariffs on each other while they negotiate a trade de

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