Donald Trump’s expensive and unpopular agenda is “already wreaking havoc” on Americans’ holiday shopping as they brace for empty shelves and fewer presents — and it’s only May. While the Federal Reserve is sounding the alarm on higher unemployment and inflation risks, business profits have already sunk to recession levels as Trump causes “more pain” for millions of hardworking Americans.

Here’s a look at how Trump’s chaotic economic agenda is hurting American consumers and businesses:

Wall Street Journal: “Mattel Plans Price Increases on American Toys”

“The company also scrapped its financial forecast for the year, saying that President Trump’s trade war has made it too difficult to predict consumer spending. …

“To offset an estimated $270 million cost of tariffs this year, the maker of Barbie dolls and Hot Wheels cars said it would accelerate its efforts to shift manufacturing out of China and raise prices, ‘where necessary’ on its U.S. products. Mattel is supporting the toy industry’s lobbying efforts to press for zero tariffs on toys, Kreiz said.”

Bloomberg: “Trump Tariffs Are Already Wreaking Havoc on Holiday Shopping”

“Chief Executive Officer Monty Sharma said he has to go back to customers such as Target Corp. and Best Buy Co. to discuss even more price hikes after Trump slapped additional levies on China. Meanwhile, all the uncertainty has pushed Therabody to shut down some production and delay product launches. The company, like many suppliers, keeps inventory lean and has about eight weeks of goods left, increasing worry it will sell out by the holidays. …

“Multiply Therabody’s experience by the thousands of US suppliers and retailers across the US, and Americans are headed for a much different Christmas than in years past. Shoppers are primed to see fewer new products and deals, while the retail industry is expected to experience more pain — should tariffs stay in place.

“Trump last week said Americans just might have to get used to less.”

Mike Zaccardi, CFA, CMT: “Downward earnings revisions for S&P 500 firms have spiked to levels not seen since the pandemic or the Global Financial Crisis”

Reuters: “Global economy already feeling drag from Trump tariffs”

“Big-name multinationals right down to niche e-commerce players last week cut sales targets, warned of job cuts and reviewed their business plans, while major economies revised down growth prospects amid bleak data read-outs. …

“For now, most economists are calling the Trump tariff gambit a ‘demand shock’ to the world economy which, by making imports more expensive for American businesses and consumers, will sap activity elsewhere.”