President Donald Trump’s economic approval rating has slumped to its lowest of his tenure, with voters expressing growing frustration over tariffs, inflation, and federal spending, according to the latest CNBC All‑America Economic Survey.
Survey Highlights
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Overall Job Approval: 44% approve vs. 51% disapprove
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Economic Approval: 43% approve vs. 55% disapprove (first net‑negative economic rating in any CNBC poll)
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Recession Fears: 57% believe the U.S. is in or headed for a recession (up from 40% in March)
Tariff Sentiment Widely Negative
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Broad Tariffs Disapproval: 49% view them as bad for workers and the economy vs. 35% in favor
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Partisan Divide:
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Republicans: 59% net approval for tariffs (vs. 79% approval of Trump)
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Democrats: 83% net disapproval
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Independents: 26% net disapproval
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Trade Allies: Major partners (Canada, Mexico, EU, Japan) are seen as economic allies, not threats
Inflation Emerges as Top Voter Concern
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Inflation Approval: 37% approve of Trump’s handling vs. 60% disapprove
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Republican Base: Even 58% of Republicans disapprove of his inflation response
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Link to Recession Fears: Rising consumer prices are fueling expectations of an impending downturn
Market and Policy Implications
With consumer and business sentiment weakening, financial markets may remain volatile as investors brace for potential policy shifts on tariffs, fiscal stimulus, and interest rates.
Track Upcoming Economic Releases
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Mounting voter pessimism over trade policy and inflation underscores the political headwinds facing the administration—and the heightened uncertainty that markets will need to navigate in the months ahead.
