The University of Michigan Surveys of Consumers on Friday said its Consumer Sentiment Index dropped to 50.8 this month from a final reading of 57.0 in March. Economists polled by Reuters had forecast the index falling to 54.5.

"This decline was pervasive and unanimous across age, income, education, geographic region and political affiliation," said Surveys of Consumers Director Joanne Hsu.

"Consumers report multiple warning signs that raise the risk of recession: expectations for business conditions, personal finances, incomes, inflation, and labor markets all continued to deteriorate this month."

The University of Michigan's statement said interviews for Friday's release were conducted between March 25 and April 8.

Trump on Wednesday escalated the trade war with China, boosting duties on Chinese merchandise to 125%. Beijing on Friday retaliated with a 125% tariff of its own.

Though Trump suspended targeted tariffs on trade partners for 90 days, he maintained a 10% blanket duty on almost all U.S. imports as well as a 25% tariff on motor vehicles, steel and aluminum. The tariffs have stoked fears the economy was facing a period of high inflation and tepid growth or even a recession.

Consumers' 12-month inflation expectations soared to 6.7% this month, the highest reading since 1981, from 5.0% in March. Over the next five years, consumers saw inflation running at 4.4% compared with 4.1% in March.