As President Trump approaches his 100-day mark as president, Americans voters are souring on his handling of the economy.
New polls from Gallup and CBS News indicate that a large swath of Americans disapproves of Mr. Trump’s tariffs — a cornerstone of his economic agenda. A majority say tariffs will drive up prices and end up costing more money than they generate, according to a new Gallup poll conducted April 2 to April 15.
The Trump administration has rolled out tariffs in fits and starts over the last few months, creating ongoing market volatility and sparking fears of a U.S. recession. So-called reciprocal tariffs against other countries are on pause for 90 days, with the exception of China, while tariffs on steel, aluminum, imported vehicles and other goods have already taken effect.
A 10% baseline tariff on most imported goods from abroad that took effect on April 5 also remains in place.
Americans expect tariffs to raise prices
Mr. Trump has said that tariffs are necessary to shore up domestic manufacturing, spur job growth and generate revenue to pay for the extension of a major tax cut plan from his first term in office. In a Truth Social post on Sunday, the president also teased the idea that income taxes could be “substantially reduced” or even “completely eliminated” as a result of his tariffs.
Americans are divided on whether or not they believe those claims.
About half of U.S. adults polled by Gallup say they think tariffs will boost domestic manufacturing jobs, with 25% saying it’s “very likely” and 24% “somewhat likely.” The other half aren’t buying it: 32% say tariffs are “not too likely” to increase U.S. manufacturing jobs, and 18% say it’s “not likely at all.”
Most U.S. adults, at 89%, do find it “very likely” or “somewhat likely” that the levies will end up increasing the cost of goods for American consumers, Gallup found. Even when broken down by party, a majority of Republicans, Democrats, and Independents all expect the new tariffs to lead to higher prices. Among Democrats, 92% think higher consumer prices are “very likely,” compared with 36% of Republicans.
A CBS poll released Sunday shows that 48% of Americans say Mr. Trump’s policies are making them financially worse off.
Tariff effects already being felt
Consumers have already begun to ripple effects of tariffs in the form of price hikes on everyday products from footwear to mobile charging devices. Data from SmartScout, a price analysis software tool, shows that since mid-April, sellers on Amazon have raised their prices on nearly 1,000 products.
Tariff price increases pose a major threat to small businesses and other sectors like the auto industry that rely on products and manufacturing from abroad to keep prices reasonable.
Mr. Trump and his team have begun trade negotiations with other nations, with the president claiming in a Time interview that his administration has already struck 200 deals.
“Some of those are moving along very well, especially with the Asian countries,” Treasury Secretary Scott Bessent told ABC News on Sunday, referring to negotiations with 17 of America’s “important trading partners.”
However, 70% of American adults believe the tariffs will end up costing the U.S. more money than it brings in from other countries in the short-term, Gallup found, with 62% saying the same about the long-term effect.
The starkest example is China, which pushed back against the steep U.S. levies by introducing 125% tariffs on U.S. products. Key trading partners like Canada have also enacted their own countermeasures in response to America’s tariff policy.
In the meantime, Americans are in a wait-and-see period. Republicans are willing to tolerate longer periods of economic uncertainty, while a slim majority of Democrats say they are not willing to accept any disruption at all, according to Gallup.
Sliding approval among non-MAGA supporters
Americans polled by CBS News overall expressed disenchantment with Mr. Trump’s economic agenda, with the exception of MAGA Republicans, most whom say the economy is already improving under the Trump administration.
However, while 70% MAGA Republicans believe the economy is getting better, 53% of all Americans believe it is getting worse under Mr. Trump’s leadership.
The president’s approval ratings on his handling of the economy and on inflation have both sunk to their lowest levels since he took office. As of April 27, 42% of Americans approve of Mr. Trump’s handling of the economy — an almost 10% slide from 51% on March 2. Regarding inflation, 38% of Americans approve of the president’s job performance so far, versus 46% on March 2.
While the inflation rate has eased since its pandemic peak in 2022, Americans are still feeling the strain of high prices. The CBS News price tracker reveals how the costs of food, housing and other expenses have ticked up over time. The inflation rate sits at 2.4% — still above the Fed’s target rate of 2% — and is expected to increase in 2025.
The International Monetary Fund projects U.S. inflation will reach about 3% by the end of the year.
Federal Reserve Chairman Jerome Powell has warned that tariffs could drive up inflation. The effects would be temporary, he said, but “could also be more persistent.”
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