Originally published Apr 10, 2025 at 8:27 AM EDT | Updated Apr 10, 2025 at 6:17 PM EDT on Newsweek by Martha McHardy

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President Donald Trump is facing a sharp decline in approval ratings following the announcement of new tariffs that rattled markets and sparked backlash from consumers.

Why It Matters

Trump's sliding approval over tariffs highlights growing voter dissatisfaction with his economic policies, particularly as inflation-weary Americans feel the pinch of higher prices.

The tariffs' popularity and impact on the economy will be crucial to the outcome of the 2026 midterm elections. The economy is always close to the forefront of voters' minds, and Democrats believe higher prices caused by the duties could spark a backlash against Trump.

What To Know

Last week, Trump unveiled his new "liberation day" tariff plan, introducing a sweeping 10-percent baseline tariff on all imports and harsher duties—ranging from 11 to 100 percent—targeted at what the White House called the "worst offenders" of unfair trade practices.

The announcement immediately shook financial markets, with Wall Street suffering its worst single-day performance since the early days of the COVID-19 pandemic in 2020.

Although markets rebounded earlier this week, Trump announced a surprise 90-day pause on most reciprocal tariffs just hours after they took effect on Wednesday. The 10-percent baseline tariff remains in place, and Trump has now raised duties on Chinese imports to 125 percent after Beijing responded with an 84-percent surcharge on U.S. goods.

Despite the partial pause, polling data suggests damage to Trump's public approval may already be done.

A HarrisX poll conducted between April 4 and April 7 among 1,883 registered voters found that Trump's overall approval rating has dropped 5 points since the tariffs were announced on April 2, giving him a net approval of -2 points, with 47 percent approving and 49 percent disapproving.

Support for Trump's handling of the economy and inflation has also declined significantly. On March 21, 50 percent approved of the way he has run the economy so far, including 48 percent backing his position on inflation. As of the latest poll, those numbers have dropped to 44 and 43 percent, respectively.

Public sentiment about the broader economic outlook has worsened as well. Now, 54 percent of voters say the economy is on the wrong track—up from 48 percent on April 2—and 66 percent now describe the economy as weak, up from 58 percent.

Economic anxiety appears to be growing on a personal level, too: 38 percent of voters say their financial situation is getting worse, compared to 31 percent at the beginning of the month.

There is also widespread concern about the tariffs themselves. According to the HarrisX poll, 72 percent of Americans believe the new charges will increase the cost of goods they regularly buy, and 71 percent say the duties will likely cause a short-term recession. The poll had a margin of error of plus or minus 2 percentage points.

A separate YouGov/Economist poll conducted April 5 to April 8 among 1,741 U.S. adults mirrored these findings.

Trump's overall approval in that poll stands at 43 percent, with 51 percent disapproving, for a net approval of -8 points—a 5-point drop from the week prior and a 14-point decline since he took office earlier this year.

His net approval on economic issues has slipped to -10, down from -4 two weeks ago. On inflation and prices, 55 percent disapprove of Trump's handling of the issues—this includes 19 percent of his own 2024 voters—while only 36 percent approve, resulting in a -19 net approval, down from -8 just two weeks ago.

The public remains deeply skeptical of the tariffs: 55 percent believe the new policies will hurt their own financial well-being, while only 16 percent think they will help. Fifty-three percent say the tariffs will harm the overall U.S. economy, with just 31 percent expecting any benefit.

A staggering 80 percent of Americans think the tariffs will raise consumer prices, with 47 percent predicting prices will increase "a lot" and 33 percent expecting them to go up "a little." The margin of error for this poll is plus or minus 3 percentage points.

Both polls were conducted before Trump paused most of the reciprocal tariffs, but they are consistent with other surveys conducted since the initial April 2 announcement—showing sharp declines in Trump's approval ratings, especially regarding the economy.

Thomas Gift, an associate professor of political science and director of the Centre on U.S. Politics at University College London, told Newsweek that Trump's handling of the tariff situation has alienated many voters.

"Trump hasn't earned himself many supporters with his handling of the tariff situation. It's not only the policy that seems to irk voters, but also the apparent lack of strategy, the impulsive decision-making, and the inconsistent messaging from the White House. Trump has long built his brand on being a master dealmaker and a savvy businessman. However, the last several days have dealt a serious huge blow to that image," he said, adding: "While reviving his economic approval numbers isn't impossible, Trump has certainly dug himself a deep hole out—and climbing out may require most just a plan, but also a fair bit of luck."

But Trump has defended his decision, telling reporters, "Sometimes you have to take medicine to fix something." On Truth Social, he posted: "Oil prices are down, interest rates are down (the slow moving Fed should cut rates!), food prices are down, there is NO INFLATION, and the long time abused USA is bringing in Billions of Dollars a week from the abusing countries on Tariffs that are already in place."

Despite Trump's optimism, many experts are sounding the alarm. CNBC's Jim Cramer warned of a potential repeat of 1987's "Black Monday," while former Federal Reserve Governor Frederic Mishkin cautioned that the tariffs could spark a recession and even "stagflation"—defined as "slow economic growth, coupled with high unemployment and accelerating inflation."

Major financial institutions including Goldman Sachs and J.P. Morgan have both raised their recession forecasts in the past month, citing declining business and consumer confidence.

Still, Trump's tariff policies remain popular within his party. A recent Navigator Research poll conducted April 3 to April 7 among 1,000 registered voters found that 58 percent of Republicans view tariffs favorably, compared to just 4 percent of Democrats. The YouGov/Economist poll shows Republicans support Trump's new tariffs by a margin of +57. Similarly, the HarrisX poll found that four in five Republicans continue to back the policy.

What Happens Next

Most reciprocal tariffs will be paused until July 8, while new ones have been levied on China.

While the Trump administration maintains the pause was a strategic decision, some Democrats and economists argue that the move was Trump caving to the markets, such as Senate Minority Leader Chuck Schumer, who posted on X, formerly Twitter: "TRUMP RETREATS ON TARIFFS BECAUSE OF TRUMP SLUMP."

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