President Trump is facing declining marks from voters on the economy, according to a new survey that shows growing concern over his aggressive tariff policies, which he insists are necessary to boost American manufacturing.
The latest Reuters/Ipsos poll released Wednesday shows that only 37 percent of Americans approve of how Trump is handling the economy. That marks a five-point drop since he returned to office in January and is the lowest level of economic approval across both of his terms in the White House.
About three-quarters of respondents said they were worried about a recession, while 56 percent described Trump’s economic approach as “too erratic.” That includes roughly one in four Republican voters a notable signal of unease within his own party. The concerns come as Trump ramps up his trade war with new tariffs and unpredictable economic messaging.
Two-thirds of Americans said they’re worried about the trade war’s impact on the stock market. When asked whether Trump’s policies could make it harder for them to live comfortably in retirement, 52 percent said yes, while just 31 percent disagreed.
Trump has implemented a steep 125 percent tariff on most Chinese imports, which builds on a 20 percent levy already in place. A flat 10 percent tariff remains on imports from other major trading partners. Earlier this month, Trump paused many of the higher “reciprocal” tariffs and suggested that tariffs on China could be lowered if negotiations proceed well.
Economists are warning that the tariff strategy could trigger long-term inflation. JPMorgan Chase recently estimated there’s a 60 percent chance of a recession, and BlackRock CEO Larry Fink hinted that the U.S. might already be in one.
Despite the economic concerns, Trump’s overall approval rating stands at 42 percent higher than the levels maintained by his predecessor, Joe Biden, for much of his presidency. A separate Gallup survey recently found Trump’s first-quarter approval rating at 45 percent.
Trump continues to enjoy strong backing from Republican voters on the economy, with 81 percent expressing approval. By contrast, just 5 percent of Democrats and 28 percent of independents or third-party voters agree. Nearly half of respondents 48 percent support the administration’s argument that the U.S. has been economically exploited by foreign nations for too long, while 34 percent disagreed.
Even within the Republican base, frustrations about the cost of living are evident. About one-third of GOP voters said they think living expenses are headed in the wrong direction. Broader concerns extend to the future of Social Security, with three-quarters of all respondents and two-thirds of Republicans saying they’re uneasy about its stability. These worries come as Trump continues his effort to overhaul the federal bureaucracy with the help of the Department of Government Efficiency.
The Reuters/Ipsos poll was conducted from April 16 to 21 among 4,306 U.S. adults, with a margin of error of roughly 2 percentage points.
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