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Recent findings from the CNBC All-America Economic Survey indicate that President Donald Trump is facing significant challenges regarding his economic approval ratings, the lowest of his presidency. Pervasive dissatisfaction over his policies on tariffs, inflation, and government expenditure has contributed to this decline.
The survey reveals that the initial optimism that bolstered Trump’s reelection is waning, with a growing number of Americans—more than at any point since 2023—anticipating a downturn in the economy. Pessimism surrounding the stock market is also noteworthy.
Data gathered from a representative sample of 1,000 Americans shows that only 44% approve of Trump’s presidency overall, with 51% disapproving. This represents a marginal improvement from the approval ratings recorded when he exited the White House in 2020. Notably, Trump’s approval rating regarding economic management stands at 43%, while disapproval reaches 55%, marking the first instance in which he has a negative net approval on economic issues during his time in office.
While Trump’s base remains supportive, the sentiment among Democrats has shifted drastically. Democrats, rated at -90 net approval for Trump’s economic performance, are 30 points more negative than during his initial term. Independents also express increased discontent, showing a 23-point deterioration in their approval ratings. Although blue-collar workers, instrumental in Trump’s electoral success, initially favored his economic leadership, their disapproval has surged by 14 points relative to his earlier term averages.
“Donald Trump was elected to enhance economic conditions, and current perceptions indicate that people are dissatisfied with the results so far,” commented Jay Campbell, a partner at Hart Associates, a firm involved in conducting the survey.
Conducted between April 9 and April 13, the survey carries a margin of error of +/-3.1%. The findings suggest that Trump has managed to convince only his core supporters about the long-term benefits of his economic policies. A stark 49% of the general public believe that the economy is likely to worsen in the upcoming year—the most pessimistic outlook since 2023. Among Republicans, 76% maintain optimism about economic improvement, while 83% of Democrats and 54% of independents expect a decline. Additionally, 40% of those who view Trump’s policies negatively assert they are currently damaging the economy.
According to Micah Roberts, managing partner of Public Opinion Strategies, “We are currently experiencing significant fluctuations in public sentiment regarding future economic conditions. The evidence suggests that negative partisan sentiments are major contributors to the discontent that many feel about upcoming developments.”
Partisanship plays a crucial role in Trump’s diminished approval, but there is also a noteworthy decline in support from Republicans regarding critical issues such as tariffs and inflation, alongside a significant downturn among independents.
Concerns over tariffs are particularly pronounced. A majority of Americans oppose broad tariffs, disapproving by a margin of 49 to 35, and many believe these measures are detrimental to American workers and the economy at large. Democrats show overwhelming disapproval by an 83-point margin, while independents oppose them by 26 points. Interestingly, support for tariffs among Republicans, while still existent, has decreased by 20 points compared to their overall approval rating of Trump.
The survey shows that many Americans view trade partnerships with countries like Canada, Mexico, the EU, and Japan as opportunities rather than threats, with favorable perceptions improving since Trump’s first term in office. However, attitudes toward China have shifted negatively, with a 44% to 35% belief that it poses an economic threat, marking a significant decline since 2019.
Trump’s strongest disapproval ratings emerge from his handling of inflation, which faces a 60% disapproval rate. Both Democrats and independents express strong dissatisfaction, while even among Republicans, approval at 58% represents the lowest net positive rating across the assessed issues. Moreover, 57% of Americans believe a recession is imminent or already underway, a rise from 40% just a month earlier, with 12% convinced that a recession has already begun.
Public sentiment regarding government’s fiscal policies is equally negative, with a disapproval rating of 51% compared to 45% approval for Trump’s handling of federal spending and a disapproval of 53% for his foreign policy.
On a slightly more favorable note, Trump achieves a 53% approval rating for his management of immigration at the Southern border, and his policies on deportation attract a 52% approval figure, including notable support from independents and some Democrats.
In terms of stock market confidence, the latest data reflects a significant downturn, with 53% of Americans indicating it is a poor time to invest, compared to only 38% believing it is a good time. This shift marks a stark contrast to the post-election optimism that initially surrounded the stock market, suggesting a notable shift in public sentiment.
Despite the challenges reflected in Trump’s approval ratings, these have not yet translated into substantial advantages for the Democratic Party concerning potential congressional shifts. The public remains nearly evenly split on preferences for congressional control, with 48% favoring Democrats and 46% supporting Republicans—figures that have seen little change since March 2022.
Source
www.cnbc.com