Consumers view the overall prospects for the economy more favorably this month. The University of Michigan’s index of consumer sentiment rose this month to its highest reading 15 years.

However, the reported noted the gains were recorded mostly before the trade negotiations with China collapsed and that country responded with its own tariffs. Rising tariffs could cause a more general loss of confidence, it said, which could further diminish the pace of consumer spending. Right now, data still points to moderating spending growth for the year ahead.

“So the recent improvement in sentiment may turn out to be short-lived,” Daniel Silver, an economist at JPMorgan in New York, told Reuters. “While the ultimate response to tariffs is still unclear, the survey results suggest that consumer sentiment was upbeat before the developments on trade policy from the past couple of weeks.”