U.S. consumer spending fell for the first time in nearly two years in January and the goods trade deficit widened to a record high as businesses front-loaded imports to avoid tariffs, setting up the economy for weak growth or even a contraction this quarter.

Excluding the volatile food and energy categories, core prices dropped to 2.6%, the lowest since June, from 2.8%.

The drop may raise alarms about whether Americans are growing more cautious amid widespread uncertainty about the economic outlook.