Trump Economic Approval Rating Drops To 37% As Market Selloff Erodes Public Support: Poll
A Reuters/Ipsos poll indicates President Trump's economic approval rating has dropped to 37%, down from 42% since his inauguration. This decline follows significant market selloffs attributed to his economic strategies, including trade wars. Concerns about a potential recession are prevalent, with 75% of respondents fearing economic downturns. Additionally, 56% view Trump's economic decisions as "too erratic." Despite this, his overall approval remains at 42%, higher than Biden's during much of his term.
A new Reuters/Ipsos poll suggests a decrease in approval for President Donald Trump‘s management of the U.S. economy and inflation as he approaches his 100th day in office.
What Happened: Trump’s assertive economic strategies, including trade wars and Federal Reserve pressure, have triggered the most severe U.S. financial markets selloff since the early stages of the COVID pandemic. The poll, which ended on Monday, showed that only 37% of participants approve of Trump’s economic management, a decrease from 42% after his January 20 inauguration, reported Reuters.
James Pethokoukis, a senior fellow at the American Enterprise Institute, referred to the president’s unmet promise of a “Golden Age of America”. He hinted that the economic red flags might compel Trump to reconsider his tariff policies.
The survey also disclosed that 75% of participants fear an upcoming recession. Fifty-six percent of those surveyed—including 25% of Republicans—described Trump's economic decisions as “too erratic,” while two-thirds expressed concern over the recent sharp decline in the stock market.
A majority (52%) believe Trump’s actions could hurt their retirement comfort, compared to 31% who disagreed. Still, his overall approval rating holds at 42%, higher than Biden's for much of his term.
Why It Matters: This decline in approval for Trump’s economic policies comes after a Gallup poll in April showed Trump’s approval rating at 45%, despite economic uncertainty. This was a slight improvement from his 41% approval rating one quarter into his first term. However, an Economist/YouGov poll showed a 16-point drop since his January inauguration.
Earlier in March, anEmerson College pollrevealed Trump’s approval rating remained steady at 49%, even as his handling of the Russia-Ukraine war divided voters. The recent Reuters/Ipsos poll results indicate a continuing downward trend in approval for Trump’s economic policies, reflecting growing public concern over the economy and financial markets.
Price Action: Invesco QQQ Trust, Series 1 QQQ dropped 9.4%, while SPDR S&P 500 ETF Trust SPY declined more than 8% over the past month.
