President Donald Trump’s economic approval rating has plummeted ever since imposing tariffs. A CNBC survey released Saturday shows 55% of Americans disapprove of his handling of the economy, the lowest point it’s been during both his first and second term.
Many Americans were hopeful in voting for President Donald Trump that his economic policies would mean lower prices, lower taxes, and a booming economy. But in recent weeks, Trump’s tariff policies have rocked markets and inflationary pressures still exist—plummeting consumer confidence.
Trump now faces the worst economic approval rating of his entire presidential career, according to CNBC’s All-America Economic Survey released Saturday. A survey of 1,000 Americans showed Trump with 43% approval and 55% disapproval rating on his handling of the economy. That’s the first time in any CNBC poll Trump’s approval has been net negative on the economy while he’s been president, according to the publication.
“Donald Trump was reelected specifically to improve the economy, and so far, people are not liking what they’re seeing,” Jay Campbell, partner with Democratic pollster Hart Associates, told CNBC.
Meanwhile, a Gallup poll released Thursday also shows declining approval of how Trump is handling the economy. A majority of Americans said they had either “only a little” confidence in the president (11%) or “almost none” (44%). Trump’s overall approval rating was also well below the average first-quarter rating (60%) for all presidents elected from 1952 to 2020 at just 45%, according to Gallup.
The White House didn’t immediately respond to Fortune’s request for comment.
However, in reaction to a CNN survey showing 56% of respondents disapproved of Trump’s handling of the economy, a White House spokesperson told Fortune’s Jason Ma that Trump delivered historic job, wage, and investment growth during his first term, and he is “set to do so again in his second term.”
“Since President Trump was elected, industry leaders have responded to President Trump’s America First economic agenda of tariffs, deregulation, and the unleashing of American energy with trillions in investment commitments that will create thousands of new jobs,” spokesman Kush Desai said in a statement.
The CNBC survey also shows Trump’s worst numbers come on his handling of inflation ,with 57% of the public saying they believe we will soon be—or are already in—a recession. The president has come out swinging at Federal Reserve chair Jerome Powell this week, insisting he lower interest rates and calling for his firing.
Trump posted on his social media platform Truth Social that Powell was “too late and wrong” about cutting interest rates, adding “Powell’s termination cannot come fast enough!”
Trump’s economy
In just the past couple of months, Trump has imposed tariffs on Canada, Mexico, China, aluminum, and steel and has threatened more on the European Union, chips, autos, and pharmaceuticals. But he’s paused some tariffs—and the on-again, off-again nature of his policies have wreaked havoc on markets and sparked uncertainty.
Among the most concerned about Trump’s tariff policies are CEOs. A whopping 62% of CEOs forecast a recession or slowdown in the next six months, according to survey results released by Chief Executive on April 14.
“This uncertainty needs to stop,” Donald H. Lloyd II, president and CEO of St. Claire HealthCare in Kentucky, said in a statement. “I support tariffs but believe they need to be applied strategically, not globally.”
And some of the world’s most recognizable and influential chief executives are sounding the alarm for a recession resulting from Trump’s tariff policies.
“Right now, we are at a decision-making point and very close to a recession. I’m worried about something worse than a recession if this isn’t handled well,” Ray Dalio, founder of Bridgewater Associates, told NBC. “We have something that’s much more profound, we have a breaking down of the monetary order.”
Meanwhile, “budget-constrained” consumers have been exhibiting “stressed behaviors” based on economic uncertainty, Walmart CEO Doug McMillon said in late February during a talk at the Economic Club of Chicago.
“You can see that the money runs out before the month is gone, you can see that people are buying smaller pack sizes at the end of the month,” McMillon said.
This story was originally featured on Fortune.com
