Recent findings from the CNBC All-America Economic Survey reveal that President Donald Trump is experiencing the lowest economic approval ratings of his presidency. This decline comes in the context of widespread dissatisfaction regarding his approaches to tariffs, inflation, and government expenditure.

Survey Insights

Conducted from April 9 to 13, the survey assessed the opinions of 1,000 American respondents. It reported that 44% of participants approve of Trump’s presidency, while 51% indicated disapproval, which is only slightly better than his exit approval ratings in January 2021. Specifically regarding economic management, Trump’s approval is at 43% with disapproval at 55%, marking the first instance in any CNBC poll where he has recorded a net negative approval on economic issues.

Partisan Perspectives

While Trump’s core Republican supporters still largely back him, negative sentiments have surged among other demographic groups. Democrats express a staggering -90 net economic approval, significantly worse than during his initial term, while independents’ disapproval has intensified by 23 points.

Notably, blue-collar workers, crucial to Trump’s initial electoral victory, show increasing discontent with his economic management, presenting a 14-point rise in disapproval compared with averages from his first term.

Economic Outlook Among Americans

The survey highlights a stark shift in economic optimism since Trump’s reelection, with 49% of the public now believing the economy will deteriorate over the coming year—the most pessimistic outlook since 2023. While 76% of Republicans anticipate improvement, overwhelming majorities of Democrats (83%) and independents (54%) predict worsening conditions.

Public Sentiments on Trade Policy

Tariffs specifically contribute to the overall disapproval, with a 49% disapproval rate against a 35% approval rate amongst Americans. A substantial majority views tariffs as detrimental, particularly concerning American workers and inflation. Democrats largely oppose tariffs by an 83-point margin, whereas independents show a 26-point disapproval. Interestingly, while 59% of Republicans still favor tariffs, this shows a decline from previous approvals of 79% for Trump’s overall performance.

Concerns about Inflation and Spending

Public disapproval regarding Trump’s management of inflation stands at 60%, with only 37% approving of his policies in this domain. Similarly, government spending has garnered a 45% disapproval rating compared to 51% approval. These figures mark the lowest positive approval from Republicans on these issues.

Current economic climate sentiments indicate that 57% of Americans suspect a recession is imminent or currently happening, a rise from 40% just a month prior.

Investments and Stock Market Perceptions

The stock market view has also soured, with 53% of respondents feeling it is an unfavorable time to invest, contrasting sharply with the optimism seen during Trump’s election. This shift marks the most notable decline in perceived market conditions in two years.

Looking Ahead

Despite Trump’s declining approval ratings, these sentiments have not evidently transitioned into gains for the Democrats in terms of congressional preference; current evaluations show 48% favoring Democratic control and 46% supporting Republican leadership, numbers that remain largely unchanged since March 2022.