President Donald Trump’s economic approval rating has slumped to its lowest of his tenure, with voters expressing growing frustration over tariffs, inflation, and federal spending, according to the latest CNBC All?America Economic Survey.

Survey Highlights

Overall Job Approval: 44% approve vs. 51% disapprove

Economic Approval: 43% approve vs. 55% disapprove (first net?negative economic rating in any CNBC poll)

Recession Fears: 57% believe the U.S. is in or headed for a recession (up from 40% in March)

Tariff Sentiment Widely Negative

Broad Tariffs Disapproval: 49% view them as bad for workers and the economy vs. 35% in favor

Partisan Divide:

Republicans: 59% net approval for tariffs (vs. 79% approval of Trump)

Democrats: 83% net disapproval

Independents: 26% net disapproval

Trade Allies: Major partners (Canada, Mexico, EU, Japan) are seen as economic allies, not threats

Inflation Emerges as Top Voter Concern

Inflation Approval: 37% approve of Trump’s handling vs. 60% disapprove

Republican Base: Even 58% of Republicans disapprove of his inflation response

Link to Recession Fears: Rising consumer prices are fueling expectations of an impending downturn

Market and Policy Implications
With consumer and business sentiment weakening, financial markets may remain volatile as investors brace for potential policy shifts on tariffs, fiscal stimulus, and interest rates.

Track Upcoming Economic Releases
Stay ahead of key inflation and growth data—such as CPI, PCE, and GDP—that could influence both political sentiment and market direction by using the? Economics Calendar – Ecotnomics Data API from Financial Modeling Prep.This API provides real?time scheduling and historical context for major economic indicators.

Mounting voter pessimism over trade policy and inflation underscores the political headwinds facing the administration—and the heightened uncertainty that markets will need to navigate in the months ahead.