President Donald Trump’s approval rating on the economy has taken a sharp dive, according to a new Reuters/Ipsos poll. Just 37 percent of Americans approve of how he’s handling the economy — the lowest number recorded during either of his terms in office.
The drop comes as concerns grow over Trump’s aggressive tariff policies, which he claims will boost American manufacturing. But many Americans aren’t buying it.
The poll shows that nearly 75 percent of U.S. adults are worried about a recession, and a clear majority — 56 percent — say Trump’s economic approach is “too erratic.” That includes about one in four Republicans, signaling growing unease even within his own party.
The poll paints a grim picture of how Americans see their financial future under Trump. Two-thirds of respondents said they’re worried about how his trade war is affecting the stock market. And when asked if Trump’s policies could hurt their ability to retire comfortably, 52 percent said yes, while only 31 percent disagreed.
Trump has slapped a 125 percent tariff on most Chinese goods, along with an existing 20 percent, and added a flat 10 percent tariff on goods from most other foreign partners. While he paused many of these tariffs earlier this month, he hinted they could return depending on talks with China.
Economists are sounding alarms. J.P. Morgan recently put the chance of a recession at 60 percent. BlackRock CEO Larry Fink went even further, suggesting “the U.S. could already be in one.”
Despite the drop on economic approval, Trump’s overall approval rating still sits at 42 percent, higher than President Biden’s numbers through most of his time in office. Gallup found Trump averaged 45 percent approval in the first quarter of this year.
Support for Trump’s economic agenda splits sharply along party lines. 81 percent of Republicans back his economic handling, while just 5 percent of Democrats agree. Among independents, 28 percent support his approach.
Nearly half of Americans — 48 percent — agree with Trump’s argument that the U.S. has been taken advantage of economically by other nations. 34 percent disagree.
But even within his base, worries are creeping in. One-in-three Republicans say the cost of living is headed in the wrong direction, and two-thirds of GOP voters are concerned about the reliability of Social Security.
These concerns come as the Trump administration moves to overhaul the federal workforce, with help from the Department of Government Efficiency. The stated goal: to root out “waste, abuse and fraud.”
The Reuters/Ipsos poll was conducted April 16–21 among 4,306 U.S. adults and has a margin of error of about 2 percentage points.
Trump’s pitch to revive American industry through hardball tariffs may have stirred up his base, but for many Americans, the cost is starting to hit home.
