The Survey Found That the Boost in Economic Optimism That Accompanied Trump’s Re-Election Has Disappeared
The economic bump President Donald Trump enjoyed following his re-election has vanished. According to the latest CNBC All-America Economic Survey, Trump’s approval rating on the economy has dropped to its lowest point since taking office — and for the first time ever, more Americans disapprove than approve of how he’s handling the economy.
Out of 1,000 Americans surveyed from April 9–13, 55% disapprove of Trump’s economic performance, with only 43% approving. This marks the first net-negative rating for Trump on the economy in any CNBC survey. Across broader job performance, 44% approved of Trump’s presidency, while 51% disapproved.
“Donald Trump was re-elected specifically to improve the economy, and so far, people are not liking what they’re seeing,” said Jay Campbell, Democratic pollster with Hart Research.
Tariffs, Inflation, and Spending Spark Growing Discontent
Public concern is rising over Trump’s policies on tariffs, inflation, and federal spending. Tariffs, in particular, are taking heat: 49% of Americans oppose broad tariffs, including majorities who say they’re harmful to workers, inflation, and the overall economy.
Even among Republicans, support for tariffs has dropped — now at 59%, down 20 points from their previous high. Democrats disapprove by a staggering 83-point margin, and independents by 26 points.
Disapproval also surged on:
- Inflation: 60% disapprove, including a sharp drop in support from independents and Democrats.
- Federal spending: 51% disapprove.
- Foreign policy: 53% disapprove.
On the economy overall, 49% believe it will get worse over the next year — the most pessimistic reading since 2023. Only 38% believe it’s a good time to invest in the stock market, down from historic highs in December.
“We’re in a turbulent, kind of maelstrom of change,” said Micah Roberts, Republican pollster with Public Opinion Strategies. “Partisan division is driving deep uncertainty about the future.”
Republican Base Stays Loyal — But Cracks Are Forming
While Trump’s core base remains behind him, the cracks are showing. Blue-collar workers still lean supportive, but disapproval among them jumped 14 points from his first term. Among independents, Trump’s economic ratings are now 23 points more negative than during his prior administration. Democrats, meanwhile, are 30 points more negative on average.
Despite the economic dip, Trump’s immigration policy remains his strongest area:
- 53% approve of his handling of the southern border
- 52% support deportation of undocumented immigrants
These numbers include 22% of Democrats and a slim majority of independents, making it Trump’s best-performing issue across the board.
Pessimism Grows, But Democrats Don’t Gain Ground
Even as Trump’s numbers take a hit, Democrats haven’t seen a major bump. In terms of congressional preference, 48% support Democrats in Congress, while 46% back Republicans — a virtual tie, and unchanged from 2022.
And while 57% of Americans believe the country is already in or entering a recession, including 12% who say we’re already there, the polling suggests that frustration with Trump’s economy hasn’t yet fully translated into a shift in political allegiance.
Whether that changes as the economic pressure mounts — or if voters stick with the status quo — remains to be seen.
