A top credit-rating agency said Wednesday it expects American consumers to reduce spending and that a recession was a possibility.

Uncertainty over President Donald Trump's plans for tariffs persists as the president works with top staff members on a plan to roll out reciprocal tariffs on nations that tax U.S. imports. Trump plans to announce the reciprocal tariffs on April 2, which he has taken to calling "Liberation Day." 

S&P Global said U.S. consumers could soon slow spending.

"We think Americans will soon pull back on purchases, dealing a blow to the world's biggest economy, which is largely fueled by consumer spending," the credit-rating agency said.