NEW YORK — As President Donald Trump’s tariffs against China and Canada kick off retaliatory trade actions affecting U.S. consumers, Americans are feeling more pessimistic about their future financial situations.

The Federal Reserve Bank of New York’s February 2025 Survey of Consumer Expectations found more Americans are concerned about unemployment, payment delinquency and credit access a year from now.

Households’ feelings about their current financial situations compared with a year earlier were largely unchanged, the survey found. But the percentage of households that expect their financial situations to worsen a year from now rose to their highest level since November 2023.

In February 2026, consumers expect gas to cost 3.7% more than it does now. They expect food will cost 5.1% more, medical care to cost 7.2% more and rent to be 6.7% higher.

Expectations about future cost increases are increasing Americans’ perceived probability of missing a minimum debt payment. Over the next three months, 14.6% of those surveyed expect to miss a payment — the highest level since April 2020.

“Debt levels have largely rebounded to pre-pandemic states, and the inability to manage these debts could spell trouble,” NerdWallet Senior Economist Elizabeth Renter said in a statement following the survey’s release Monday.

“It’s one thing to note that credit card and loan balances are rising, but more concerning when delinquencies and missed payments are also climbing.”

The Fed’s consumer expectations survey is the latest to show Americans’ economic views darkening. In late February, the Conference Board Consumer Confidence Index fell to its lowest level since August 2021. The University of Michigan Surveys of Consumers also found sentiment dropping. It fell to a 15-month low last month.