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In a week marked by volatility in the financial markets, public perceptions of President Trump’s trade and tariff strategies are increasingly linked to not just expectations but also timing.
Opinions are divided on whether Mr. Trump possesses a definitive plan. Many believe the tariffs are temporary measures employed for negotiation rather than a fundamental shift in trade policy. This sentiment is particularly strong among Republicans, who tend to show more patience regarding the long-term effects of these policies, suggesting that a proper assessment may take several months.
However, in the immediate term, a significant majority of Americans anticipate that new tariffs will lead to higher prices. This concern is not just a passing thought; it reflects a broader inflation anxiety affecting the public’s financial outlook. A growing number of people feel that Trump’s policies are exacerbating their financial difficulties, and there’s widespread belief that tariffs will have negative economic repercussions in the near future.
As a result, Trump’s approval ratings regarding inflation and economic management have declined.
Notably, many individuals now associate the current economic climate with Donald Trump’s presidency. A significant portion attributes economic conditions to his policies rather than those of his predecessor, President Joe Biden.
Concerns about the potential impact on prices are crucial, particularly since inflation has persistently ranked as a primary concern among Americans. This remains a key factor in how individuals assess their personal finances and the broader economy.
There appears to be greater optimism among Republicans regarding the potential for tariffs to positively affect U.S. manufacturing jobs, even as overall public opinion remains mixed.
Trump’s Trade Policies
Overall, more individuals endorse the objectives of Trump’s tariff and trade policies than they approve of his execution of those policies.
Support for new tariffs continues to exhibit a pronounced partisan division, with Republican support contrasting sharply against that of Democrats and independents.
Most Americans believe that the tariffs are not a permanent fixture; instead, they view them as strategic tools for negotiations that will eventually be lifted. This perspective is particularly prominent among Republicans, who tie their views to anticipated long-term effects on pricing.
Despite the expectation of immediate price increases, many Republicans, along with some independents, believe it will take time to fully assess the implications of Trump’s trade policies. In contrast, Democrats are generally more inclined to evaluate these policies sooner rather than later.
Perceptions of whom tariffs will benefit or harm also play a significant role in shaping support. Many believe that wealthy individuals and corporations will emerge advantaged, with proponents suggesting that the middle and working classes will benefit as well.
Trump’s Job Handling
When President Trump took office, approximately 40% of Americans were optimistic about his potential to improve their financial situations, contributing to his electoral success. However, that sentiment shifted significantly by March, with an increasing number perceiving a negative impact from his policies. This trend has continued, reflecting an ongoing decline in approval.
The financial markets exhibited volatility during the polling period, with a predominant belief among Americans that Trump’s policies are contributing to market declines.
Overall, there has been a discernible downturn in Trump’s ratings concerning economic and inflation management, with independent voters increasingly expressing discontent. Notably, he fares better in assessments about immigration control compared to economic issues.
Impacting the Economy
Ultimately, every presidential administration leaves its mark on the U.S. economy. Currently, many perceive this as “Trump’s economy,” with a majority attributing responsibility for the current economic state to his policies instead of those of President Biden. Around three-quarters of the public recognizes at least some shared influence from Trump.
Furthermore, in assessing the economic landscape, many factors tie back to Trump himself. Among those who view the economy negatively, concerns about pricing and general confidence are predominant, alongside a direct attribution to Trump. Conversely, those who view the economy positively often cite Trump as a contributing factor alongside general employment and market confidence.
Recent weeks have seen a shift in public assessments regarding the economy, with individual outlooks declining slightly and a growing concern about an approaching recession. A slight majority now believes the economy is deteriorating, a shift driven largely by Democratic voters, while many Republicans maintain a more optimistic view. This partisan discrepancy is often observed during transitions in presidential power, with Republicans expressing more confidence in general economic conditions, partially due to Trump’s influence.
Partisan Differences on Trade — How the Base Sees It
Insights into Trump’s support from the Republican base reveal that many trust him significantly on issues regarding tariffs and their impacts, often more so than traditional economic sources like Wall Street and business leaders.
For Republicans, tariffs and trade embody not only economic concerns but also elements of fairness and national pride.
Moreover, many Republicans are averse to congressional intervention, even with a Republican majority in Congress, whereas Democrats and independents favor greater legislative involvement, likely viewing it as a necessary check against tariffs.
This analysis is based on a CBS News/YouGov survey conducted with a nationally representative sample of 2,410 U.S. adults interviewed between April 8-11, 2025. The results were weighted to reflect the national demographics in terms of gender, age, race, and education, as per U.S. Census data. The margin of error is approximately ±2.4 points.
Source
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