Former President Donald Trump’s handling of the economy earned him record low approval ratings. The latest CNBC All-America Economic Survey exposes this worst-kept secret to be the worst trend of his presidential career. The survey shows that less than half, or 43%, of Americans support the economic policies that Trump has instituted, with a much higher majority, 55%, saying they disapprove. This marks the first instance in any CNBC poll where Trump has registered a net negative approval rating regarding his economic management while in office.
The survey provides a snapshot of how the American public views the state of our economy and policy priorities. It shows a growing skepticism among citizens. His overall approval rating is a touch higher at 44%, while 51% disapprove of his job performance as president. Perhaps more importantly, Trump’s economic approval rating has dropped significantly below his overall ratings. This drop represents bad news for the former president as he looks further down the political road.
These survey results reflect a deeply engrained sense of pessimism about the U.S. economy. Indeed, nearly half of Americans—49%—are concerned the economy will get worse over the next year. This stands as the most negative forecast we’ve recorded since early 2023. The perception of economic decline rings true on both sides of the aisle. Three-quarters of Republicans predict things will get better, just as many Democrats expect them to get worse.
Fears that Trump’s economic policies will be a disaster are deep. What’s more, an astounding 40% of Americans who disapprove of his handling of the economy still attribute today’s woes to his policies. Public opinion on tariffs has soured significantly too, now at 49% disapproval to 35% approval. As we’ve pointed out before, majorities understand that tariffs hurt American workers, worsen inflation, and harm the economy.
In this political context, Democrats were found to be extremely anti-tariff in this survey – by an 83-point margin. Independents voice the same concerns, disapproving by a 26-point margin. At the same time, support for tariffs among Republicans is clearly waning, accounting for a 59-point net positive approval on tariffs. This represents the weakest support for any Trump-related proposal we’ve ever polled.
Trump’s re-election euphoria produced one of the largest upward moves in economic optimism ever recorded. Their big survey surprise is that 57% of Americans now think the United States is in a recession or soon will be. That’s quite a leap from only 40% in March 2024. This rising anxiety is concomitant to a perception shift about foreign economic competition. Respondents are more likely to consider Canada, Mexico, the European Union, and Japan as opportunities rather than threats to the U.S. economy compared to last year.
The survey’s one other major finding shows an abrupt reversal in how Americans view China. Today, in fact, more Americans consider it to be an economic threat—44%—than an opportunity (35%). This represents a stark drop in optimism compared to 2019.
National public opinion experts heavily emphasize the significance of these findings. Jay Campbell, partner at Hart Associates and a Democratic pollster involved with the survey, remarked on the expectations surrounding Trump’s presidency.
“Donald Trump was reelected specifically to improve the economy, and so far, people are not liking what they’re seeing.” – Jay Campbell
Micah Roberts, managing partner at Public Opinion Strategies, is the Republican pollster on the survey. Speaking on his current climate, it’s unpredictable.
“We’re in a turbulent, kind of maelstrom of change when it comes to how people feel about what’s going to happen next.” – Micah Roberts
As Trump continues to grapple with these negative perceptions, he has a steep uphill climb to win over public opinion on his economic fortunes. In reality, the survey results capture the mood of voters today. They foreshadow potential electoral tomfoolery to come, as Trump continues to work his political magic on his base ahead of major primary challenges in 2024.