Mounting concerns about inflation, widespread disapproval of new tariffs, and a surge in pessimism about the economy have triggered serious warning signs for Donald Trump’s economic agenda.
Historically, the economy has been one of Trump’s strongest platforms. He has routinely criticized the Biden administration’s economic strategy and touted himself as the master negotiator behind a revitalized economy. But recent Trump tariffs and controversial trade decisions have rattled financial markets and caused global uncertainty. Now, fresh polling shows a sharp downturn in the public’s approval of Trump’s economic policies.
Trump’s Economic Approval Rating Hits New Lows
A Reuters/Ipsos poll released Wednesday reveals that only 37% of Americans approve of Trump’s handling of the economy, down from 42% in January. A separate Pew Research Center survey reported a drop in economic confidence, with just 45% expressing faith in Trump’s economic leadership — the lowest level since 2019.
Among Republicans, support has also slipped, with a 12-point decline in confidence since November 2024.
Further illustrating the slide, CNBC’s All-America Economic Survey showed a 55% disapproval rate for Trump’s economic performance — his worst showing yet. Notably, independents have grown increasingly skeptical, now 23 points more negative than during Trump’s first term.
Public Disapproval of Trump’s Tariff Strategy
The backlash intensified after Trump introduced sweeping “reciprocal tariffs” on April 2 — a move dubbed “Liberation Day” by the White House. While intended to rebalance trade relationships, the tariffs sparked a market selloff and global backlash. Although Trump later paused the tariff hike for 90 days, a 10% baseline remains, heightening uncertainty.
Despite Trump’s insistence that tariffs will bring “billions” into the U.S. economy and boost manufacturing, Americans aren’t convinced. According to Pew, 59% disapprove of Trump’s tariffs, while only 39% support them. CNBC found similar results, with a majority believing tariffs hurt American workers, contribute to inflation, and harm the economy overall.
Rising Inflation and Recession Fears Under Trump
Surveys also point to rising inflation concerns under Trump. A Gallup poll released Monday found that 63% of Americans now expect inflation to worsen — an 11-point increase since January. CNBC polling showed 60% disapprove of Trump’s approach to inflation, while only 37% approve.
Concerns about a looming recession are also growing. Reuters/Ipsos found that 76% of Americans fear a recession is on the horizon. Even among Republicans, one in four describe Trump’s economic approach as “too erratic.”
Gallup data shows that 53% of Americans believe their personal financial situation is deteriorating, reflecting a growing belief that the economy is moving in the wrong direction.
Trump’s Base Remains Loyal
While Trump’s overall economic approval rating has taken a hit, his core base remains largely supportive. Pew Research reports that over 70% of Republicans still approve of Trump’s overall job performance.
