President Donald Trump is facing one of the lowest economic approval ratings of his presidency amid growing dissatisfaction with his handling of inflation and government spending, according to the latest CNBC All-America Economic Survey. The survey reveals that the optimism that accompanied Trump's election has faded, with an increasing number of Americans believing the economy will worsen at any point in 2025. The survey, which polled 1,000 Americans nationwide, found that 44% approve of Trump's presidential handling, while 51% disapprove. This is a slight improvement over his final approval ratings when he left office in 2020, but it still indicates significant challenges ahead.
Trump's approval rating among Republicans remains strong, with 43% supporting his economic policies. However, Democrats show a stark contrast, with a net approval rating of -90, which is more than 30 points lower than during his first term. Blue-collar workers, who were crucial to Trump's electoral victory, still have a positive view of his economic management, but their dissatisfaction has risen by 14 points compared to their averages during his first term. "Donald Trump was elected primarily to improve the economy, and so far, people are not liking what they see," said Jay Campbell, a partner at Hart Associates, a Democratic polling firm.
The survey, conducted from April 9 to 13, has a margin of error of +/- 3.1%. It suggests that Trump has only managed to convince his base that his economic policies will benefit the nation over time. A staggering 49% of respondents believe the economy will worsen in the coming year. Among these, 76% of Republicans, 83% of Democrats, and 54% of independents share the sentiment that the economic outlook is not promising. The survey also found that 27% of respondents believe any positive effects from Trump's policies would take at least a year to materialize.
Despite these troubling numbers, 40% of those who are negative about Trump's policies claim they are currently harming the economy. "We are in a chaotic transition regarding how people feel about what is coming next," noted Michael Roberts, a partner at a public opinion strategy firm. He pointed out that the data indicates a growing, sustained negative reaction from the public, driven by concerns about what lies ahead.
While support among Republicans remains a crucial aspect of Trump's approval ratings, he has lost some ground on key issues such as taxes and inflation. The public's discontent with tax rates is evident, with 49% opposing them compared to 35% in favor. A significant majority believes that current tax policies are detrimental to American workers, with Democrats opposing tariffs by a margin of 83 points and independents by 26 points. Even among Republicans, approval of tariffs has dropped to 59%, significantly lower than the 79% approval rating Trump enjoyed during his presidency.
Interestingly, Americans generally perceive Canada, Mexico, the European Union, and Japan as economic opportunities rather than threats, a stark contrast to the views on China, which is seen as a threat by a margin of 44% to 35%. This shift in perception reflects a broader sentiment that the public does not embrace the animosity Trump has exhibited towards these trading partners. The survey also highlights that Trump's handling of inflation has resulted in a significant disapproval rating, with a 37% to 60% margin, indicating strong negative sentiment from both Democrats and independents.
Additionally, 57% of respondents believe the U.S. is either in or soon to be in a recession, a notable increase from just 40% in March 2024. This includes 12% who think a recession has already begun. The public also expresses disapproval of Trump's management of federal spending, with 45% opposing and 51% supporting it, as well as disapproval of his foreign policy, with 42% against and 53% in favor.
Despite these challenges, Trump's strongest approval ratings stem from his immigration policies, where he enjoys a 53% to 41% approval rating regarding his management of the southern border. His approach to deporting illegal immigrants also receives a 52% to 45% approval rating. However, support from independents on these issues remains limited, with only 22% of Democrats backing his immigration policies.
Simultaneously, Americans are increasingly pessimistic about the stock market. Approximately 53% believe it is a bad time to invest, while only 38% feel it is a good time, marking a sharp reversal from the optimism that greeted Trump's election. In fact, the April survey represents the most significant shift toward pessimism in the 17-year history of the CNBC survey, following the previous December's optimism.
Trump's low approval ratings do not seem to translate into immediate electoral benefits for Democrats, as the survey indicates a slight edge for Democrats in congressional preferences, with 48% supporting Democratic candidates compared to 46% for Republicans. This shift marks a change from the March 2022 survey conducted by CNBC.
On the international front, Trump recently expressed concerns about the ongoing conflict in Ukraine. During a press conference on April 18, 2025, he indicated that the U.S. could withdraw from negotiations if either Ukraine or Russia continues to stall. "No matter the reason, when one side makes it much harder, we might say, 'You're foolish, you're stupid, you're terrible,' and we will ask to pass," Trump stated, while still expressing a desire to continue negotiations for peace.
Secretary of State Marco Rubio echoed these sentiments, stating that if a resolution to the conflict seems unattainable, Trump would likely say, "We are done." Rubio emphasized that the U.S. would not prolong its efforts for weeks or months without a clear path to peace.
As the economic landscape evolves, Trump's administration faces mounting pressure to improve its management of fiscal policies and international relations. The upcoming elections will likely hinge on how effectively these challenges are addressed, particularly in terms of domestic production and economic stability.
