President Donald Trump is facing the lowest economic approval ratings of his presidency, according to the latest CNBC All-America Economic Survey, as discontent grows over his administration’s handling of inflation, tariffs, and federal spending.
The downturn in sentiment is not just among Democrats but also showing cracks within his independent support base and even some corners of the Republican bloc.
The poll, conducted from April 9 to 13 with a sample size of 1,000 American adults and a margin of error of ±3.1%, found that 55% of respondents disapprove of Trump’s economic performance, while just 43% approve — the first time he has received a net negative economic rating during his presidency.
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This erosion of support marks a reversal from the boost in economic optimism that accompanied his reelection. The public outlook has since shifted markedly toward pessimism. Nearly half (49%) now believe the economy will worsen in the coming year, the most negative reading since 2023. Only 38% say it’s a good time to invest, compared to 53% who believe it is not — a significant reversal from the optimism seen following Trump’s reelection victory.
Even more concerning for the administration, the economic outlook among independents, a key demographic in Trump’s reelection bid, has soured. Their approval of his economic handling has dropped 23 points compared to the average during his first term. Democrats, meanwhile, remain overwhelmingly disapproving, with a net negative margin of 90 points, significantly worse than during Trump’s previous tenure.
Trump’s blue-collar support, once one of his strongest economic constituencies, has also seen erosion. While still showing majority approval, disapproval among this group has increased by 14 points. It underscores growing discomfort even among voters who largely backed his trade and manufacturing policies.
Tariffs and Inflation Fuel Discontent
One of the primary drivers of the downturn in sentiment is Trump’s renewed tariff strategy. Americans disapprove of across-the-board tariffs by a 49% to 35% margin. Majorities believe tariffs are harmful to American workers, inflation, and the broader economy. This is particularly significant because tariffs have become a hallmark of Trump’s economic vision.
Among Republicans, support for tariffs remains, but even here the gap is narrowing. While Republicans still approve by a 59-point margin, that number is 20 points lower than their 79% net approval of Trump himself — showing tariffs are less popular than the president within his own party.
Democrats reject the tariffs by a resounding 83-point margin, and independents disapprove by 26 points, reinforcing that the policy is struggling to win broader appeal.
This unease is reflected in the broader assessment of Trump’s inflation performance. Just 37% of respondents approve of how he’s handling inflation, while 60% disapprove — the worst among all the issues polled. Even among Republicans, his strongest supporters, approval of inflation has dipped to 58%, the lowest net positive among the surveyed topics.
Additionally, 57% of respondents believe the U.S. is either already in or about to enter a recession, up from just 40% last March. A small but notable 12% believe the country is already in a recession.
Spending, Markets, and Partisan Divides
Federal government spending is another point of contention. A narrow majority — 51% — disapprove of Trump’s handling of public expenditure, compared to 45% who approve. This aligns with growing anxiety about rising deficits under his administration, despite his promises to rein in government waste.
On foreign policy, Trump also suffers a net negative: 42% approve versus 53% disapprove, with much of the disapproval tied to concerns over international economic relations.
“Donald Trump was reelected specifically to improve the economy, and so far, people are not liking what they’re seeing,” said Jay Campbell of Hart Associates, the Democratic partner on the CNBC survey.
Micah Roberts, the Republican pollster for the survey, agreed that the issue is not just economic data but public perception.
“We’re in a turbulent, kind of maelstrom of change when it comes to how people feel about what’s going to happen next. The data suggest more than ever that it’s the negative partisan reaction that’s driving and sustaining discontent,” he said.
Interestingly, while Americans overwhelmingly see countries like Canada, Mexico, Japan, and the EU as economic partners rather than threats — and view them more favorably than they did during Trump’s first term — the exception remains China. The country is still seen as an economic threat by a 44% to 35% margin, worse than in 2019.
The Bright Spot of Immigration
If there’s one area where Trump finds some solace, it’s immigration. His handling of the Southern border enjoys a 53% to 41% approval margin, while deportation policies are backed by 52% of Americans. Notably, he garners 22% support from Democrats on border policy — his highest cross-party approval.
He also edges out a slim majority among independents on the issue of deportations, which could help him maintain support in swing states where immigration remains a hot-button topic.
Despite Trump’s dip in economic approval, Democrats have yet to capitalize significantly. On the congressional ballot, the public remains nearly evenly split: 48% prefer Democratic control, while 46% favor Republicans. These figures are virtually unchanged from the March 2022 survey, showing that while the president may be losing ground, it is not automatically translating into Democratic gains.