Consumers have been gloomy about the economy for a while. That hasn’t translated to a pullback in spending yet—but uncertainty over recent policy changes could change that.

A new survey from the University of Michigan shows Americans bracing for economic pain as tariffs and policy uncertainty bite.

While Michigan’s survey often shows sharp partisan differences in sentiment, the March survey found a 10% decline in future expectations among Republicans. The sentiment among Democrats was off by 24%, while among independents it was down 12%.