As markets face a turbulent week, the perspective on President Trump’s trade and tariff policy is influenced not only by public sentiment but also by timing.
There is a division among people regarding whether Mr. Trump has a definitive plan; the majority believe that the tariffs won’t last long, viewing them as tools for negotiation rather than a solid strategy. Most see the focus on trade policy reflecting his goals more than his methods. Those who believe he has a plan—primarily Republicans—anticipate it will take months or longer to evaluate the effects, demonstrating a patience that sets them apart from the general populace.
In the immediate future, a significant majority of Americans foresee new tariffs driving up prices, and many also expect this trend to persist in the long run. An inflation-conscious public is preparing for a financial squeeze: an increasing number feel Trump’s policies are negatively impacting their financial situation, and most believe that tariffs will worsen the economy in the near term.
Consequently, Trump’s approval ratings regarding inflation and the economy have dropped significantly.
No matter the viewpoint, one lasting perception remains: in the public’s mind, it is Donald Trump’s economy today. A majority attributes the current state of the economy to his policies rather than Joe Biden’s actions.
Perceptions regarding the potential impact on prices are particularly significant in this context, as inflation has repeatedly emerged as a top concern for Americans and continues to influence their financial evaluations.
Opinions about how tariffs could influence U.S. manufacturing jobs are more divided; predominantly, Republicans foresee a positive outcome in job creation.
Trump’s trade policies
Overall, more individuals express support for Trump’s objectives regarding tariff and trade policy rather than favoring his methods.
Support for new tariffs remains predominantly negative, with significant partisan divisions.
Many possess differing views on whether Trump has a clear strategy, with almost all Republicans asserting that he does.
Most Americans believe the tariffs will be temporary, thinking that Mr. Trump is employing them as a negotiating tool and will eventually eliminate them. This perspective is especially pronounced among Republicans and is tied to their outlook on the long-term effects on prices.
Despite expectations of short-term price hikes, Republicans and most independents assert that assessing Trump’s trade policies will require at least a few months, whereas Democrats are more inclined to form opinions sooner.
Support for tariffs is also linked to perceptions of whom they will benefit or harm. Regardless, a significant number believe that the wealthy and corporations will gain from them. Those in favor also see benefits for the middle and working classes.
Trump’s job handling
At the outset of his presidency, forty percent of Americans anticipated that Mr. Trump would improve their financial situation—this expectation was a key factor in his electoral victory. However, that sentiment shifted in March, with a growing number perceiving a decline in their financial well-being, a trend that continues today.
While the poll was being conducted amidst market volatility this week, overall, more Americans believed Mr. Trump’s policies were contributing to a market decline.
Overall, ratings for Mr. Trump concerning his management of the economy, inflation, and his overall performance have trended downwards. (The overall approval rating has decreased from its initial high but remains higher than anything he achieved during his first term.)
Some of the declining approval for Mr. Trump can be attributed to increased disapproval among independents.
As has been the case, Mr. Trump receives more favorable ratings for his handling of immigration than for his management of the economy and inflation.
Impacting the economy
Ultimately, every president’s policies leave a mark on the U.S. economy. Politically, the public largely perceives this as Donald Trump’s economy now; the majority holds his policies accountable for current economic conditions rather than those of Joe Biden. Together, three-quarters attribute at least some shared accountability to him.
Here’s another aspect of Mr. Trump’s central role in the economy: when asked about the reasons behind their positive or negative perceptions of the economy, sizable numbers cite him. For the majority who view the economy negatively, rising prices and general lack of confidence are primary reasons, alongside Donald Trump specifically. Conversely, those who perceive the economy positively—predominantly Republicans—also mention Mr. Trump as well as general confidence and job market strength.
Polarization further influences the discrepancies between current assessments and future outlooks. Recently, collective expectations have slightly worsened.
Initially, views concerning their economic outlook have deteriorated, with fewer anticipating stability and more expecting a recession.
A slight majority of Americans—slightly more than the previous month—believe the economy is worsening, a sentiment predominantly expressed by Democrats, while most Republicans think it is improving. (In a separate study, the consumer confidence index slipped in April.)
Meanwhile, prevailing opinions about the U.S. economy have been predominantly negative for years, a pattern that persists. An increasing number of Republicans now view it positively, a typical partisan effect seen when control of the White House shifts. Republicans attribute some of this positive perception to their overall confidence and specifically, to Donald Trump. This Republican enthusiasm has raised the overall economy rating even as Democrats and independents rate it negatively.
Partisan differences on trade — how the base sees it
Further insight into Mr. Trump’s support from the GOP base can be gleaned from where individuals seek trusted information regarding tariffs and their effects: Republicans trust Trump “a lot” for such information, far more than they do Wall Street or business leaders.
In addition to economics and job creation, Republicans view tariffs and trade through the lenses of fairness and patriotism.
Moreover, a majority of Republicans prefer limited congressional involvement, even though Congress is currently Republican-controlled. Conversely, Democrats and independents—who are generally less favorable towards tariffs—would likely advocate for increased congressional oversight to mitigate their effects.
This CBS News/YouGov survey was conducted with a nationally representative sample of 2,410 U.S. adults interviewed between April 8-11, 2025. The sample was weighted to be representative of adults nationwide according to gender, age, race, and education, based on the U.S. Census American Community Survey and Current Population Survey, as well as 2024 presidential vote. The margin of error is ±2.4 points.
