“Trump’s Economic Agenda Faces Growing Disapproval as Polls Show Declining Approval and Market Concerns”
President Donald Trump entered his second term with bold promises of economic revitalization, a surge in national prosperity, and a pledge to usher in a “Golden Age of America.” However, as he nears his 100th day back in office, a new Reuters/Ipsos poll reveals that many Americans are growing increasingly disillusioned with the state of the economy and Trump’s approach to managing it. According to the survey conducted between April 16 and April 21, only 37% of Americans approve of Trump’s economic handling—a significant drop from 42% immediately following his January 20 inauguration. This rating is notably lower than at any point in his first term, where approval for his economic management typically ranged from the mid-40s to mid-50s.
Trump’s aggressive economic agenda, marked by trade wars and tariff hikes on major U.S. trading partners, has rattled both markets and voters. His efforts to pressure the Federal Reserve and his repeated threats to remove Fed Chair Jerome Powell have only added to the uncertainty. These moves have culminated in the steepest selloff in U.S. financial markets since the early days of the COVID-19 pandemic five years ago, driving fears of an impending recession.
The poll data paints a concerning picture for the administration. Three-quarters of respondents believe a recession is on the horizon, while 56%—including a quarter of Republicans—criticize Trump’s economic policies as “too erratic.” Investor anxiety has been palpable, with nearly two-thirds of Americans expressing concern about the stock market. The benchmark S&P 500 index has dropped roughly 14% from its high on February 19, reflecting mounting uncertainty over trade tensions and inflationary pressures.
Trump’s inflation rhetoric has also drawn scrutiny. While he claims the economy is heading toward a state where “there can be almost no inflation,” consumer prices have risen by 2.5% over the past year—exceeding the Federal Reserve’s 2% target. Fed Chair Powell and many Wall Street economists argue that Trump’s tariff hikes, including a staggering 145% tax rate on most Chinese imports, could drive inflation even higher, particularly in the short term.
Beyond Wall Street, Americans are feeling the pinch in their daily lives. A majority—52%—agree that Trump’s economic actions could negatively impact their ability to retire comfortably, compared to just 31% who disagree. Even among Trump’s own party, concerns are surfacing: one in three Republicans said their cost of living is heading in the wrong direction. Meanwhile, three-quarters of Americans, including two-thirds of Republicans, have expressed concerns about the reliability of Social Security—an issue spotlighted by Trump’s push to downsize the federal government, led by billionaire Elon Musk.
Adding to the growing unease, JP Morgan now forecasts a recession in 2025, attributing much of the expected downturn to the ongoing trade conflicts triggered by Trump’s tariff policies. These have not only strained international relations but also prompted retaliatory tariffs from other nations, putting additional pressure on American exporters.
Despite these troubling trends, Trump continues to enjoy strong support from his political base. His overall approval rating remains at 42%, bolstered by the 45% of Americans who back his firm stance on immigration. Among Republicans, approval of his economic leadership stands at a solid 81%, while only 5% of Democrats and 28% of independents share that view. Furthermore, 48% of respondents believe that the U.S. is being taken advantage of by other countries, echoing Trump’s long-standing narrative on trade and foreign policy.
Still, experts warn that the current trajectory could spell further economic turmoil. “There’s a big risk for Trump that it’s only going to get worse from here,” cautioned Scott Lincicome, a trade expert at the libertarian CATO Institute. James Pethokoukis of the conservative American Enterprise Institute added, “Everything that’s supposed to be up is down, everything that’s supposed to be down is up,” emphasizing the growing disconnect between Trump’s promises and economic reality.
As the administration approaches its 100-day milestone, the nation stands at a critical juncture. With inflation rising, markets roiling, and public confidence waning, the coming months could be decisive for Trump’s economic legacy.
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