US President Donald Trump is facing a significant dip in his economic approval ratings, with his performance on the economy registering the lowest numbers of his presidency. According to the latest CNBC All-America Economic Survey, broad discontent over issues like tariffs, inflation, and government spending has contributed to this decline.
The surge of economic optimism that followed Trump’s election in 2024 has all but disappeared, with more Americans now predicting that the economy will worsen, a stark shift from the hopeful outlook that marked earlier years. The survey revealed a sharp turn towards pessimism about the stock market as well, with many feeling uncertain about future economic prospects.
Survey results and findings
The survey, conducted from April 9 to 13 with a margin of error of +/- 3.1%, found that Trump’s approval rating on the economy stands at 43%, while 55% of respondents disapprove. This marks the first time in any CNBC poll that Trump has had a net negative rating on the economy. For overall presidential approval, Trump stands at 44% approval versus 51% disapproval, which is slightly better than his final approval rating when he left office in 2020.
While Trump’s Republican base remains largely supportive of his economic policies, there has been a noticeable decline in support among key groups, including independents and blue-collar workers. The survey showed a 14-point rise in disapproval from blue-collar workers compared to their approval in his first term.
A significant driver of discontent is Trump’s approach to tariffs and inflation.
The survey found that 49% of Americans disapprove of across-the-board tariffs, with majorities believing they are detrimental to American workers, inflation, and the economy overall. Democrats have overwhelmingly rejected the tariffs by an 83-point margin, and even independents are critical of the policy, showing a 26-point disapproval.
Public perception of trade partners
While tariffs have fueled negative opinions, there is greater optimism regarding trade relations with several countries. For example, Canada, Mexico, the European Union, and Japan are viewed more favorably than during Trump’s first term. However, China continues to be seen as an economic threat, with 44% of Americans holding this view, a sharp contrast from earlier polls.
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Trump’s worst ratings came on his handling of inflation, with public disapproval reaching 60%. Notably, inflation concerns have driven 57% of the public to believe that the country is either already in a recession or will be soon.
On a more positive note, Trump’s handling of immigration, particularly on the southern border, continues to resonate with a segment of the public. His policies on border control and deportations received approval from a slim majority, with 53% supporting his handling of the southern border.
The economic sentiment extends to the stock market, where Americans’ optimism has sharply declined. The survey found that 53% of respondents believe it’s a bad time to invest, marking a drastic turn from previous months when optimism was high.
(With inputs from CNBC)
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