As President Donald Trump nears his 100th day in office, a recent Reuters/Ipsos poll reveals growing dissatisfaction among Americans regarding his handling of inflation and the overall U.S. economy. Initially, voters elected Trump with high hopes that he would combat inflation and stimulate economic growth. However, the poll indicates that only 37% of respondents now approve of his economic management, a significant drop from the 42% approval shortly after his inauguration on January 20.
Since taking office, Trump has launched an aggressive economic agenda, which has included initiating trade wars by imposing tariffs on key U.S. trading partners. These actions have raised concerns about a potential recession, with three-quarters of respondents in the latest poll expressing worries about an economic downturn. Trump’s strategy of pressuring the Federal Reserve to align with his economic vision has also contributed to uncertainty in the financial markets.
According to James Pethokoukis, a senior fellow at the American Enterprise Institute, Trump's promise of a "golden age" has not materialized. He remarked, "You have a president who promised a golden age... but everything that's supposed to be up is down, and everything that's supposed to be down is up." This sentiment reflects the growing concerns among Americans about the state of the economy and Trump's policies.
In a poll conducted shortly after his inauguration, 55% of Americans indicated that addressing either inflation or the broader economy should be Trump's primary focus during his first 100 days. However, three months later, sentiments have shifted dramatically, with 56% of respondents—including a quarter of Republicans—believing that Trump's economic maneuvers are overly erratic.
Concerns regarding the stock market have also surged, with two-thirds of survey participants expressing unease about recent declines in share prices. Investor anxiety has been fueled by Trump's tariff policies, which have raised fears about inflation and its potential impact on everyday life. Over half of those surveyed agreed that Trump's actions could hinder their ability to live comfortably in retirement.
Trump has warned that the economy could slow if the Federal Reserve fails to lower interest rates, suggesting that the nation is on a path to achieve minimal inflation. However, Jerome Powell, the Federal Reserve Chair, along with several Wall Street economists, argues that increasing tariffs—such as the new 145% tax on most Chinese imports—could actually exacerbate inflationary pressures in the short and potentially long term.
Adding to the economic gloom, banking giant JP Morgan anticipates a recession this year, largely attributed to Trump's tariff policies which have prompted other countries to impose heavy tariffs on U.S. exports.
Despite the negative sentiments surrounding his economic policies, a significant portion of the American public continues to support Trump. His overall approval rating stands at 42%, which is higher than that of his Democratic predecessor, Joe Biden, during much of his term. Notably, 81% of self-identified Republicans express approval of Trump's economic strategies, contrasting sharply with the mere 5% approval from Democrats.
Many Americans resonate with Trump's assertion that the U.S. has been treated unfairly in global trade and defense matters. A notable 48% of respondents agree that other countries, including traditional allies, take advantage of the U.S., while 34% disagree.
In light of these economic uncertainties, three-quarters of respondents, including two-thirds of Republicans, voiced concerns about the reliability of the Social Security system. This reflects broader anxieties about the implications of Trump's administration's push to reduce the federal government's size, led by influential figures like Elon Musk.
While many economic indicators, such as the jobless rate, remain relatively stable—hovering around 4.2%—the outlook for Trump's economic strategy may continue to face challenges. Scott Lincicome, a trade and economics expert at the CATO Institute, warns, "There's a big risk for Trump that it's only going to get worse from here." As the nation approaches the end of Trump's first 100 days, the pressing questions about inflation, economic policy, and public sentiment will undoubtedly shape the future of his presidency.
