Here’s what happened.
President Donald Trump’s economic performance, once considered a major strength of his administration, is now facing growing scrutiny. As the nation deals with inflationary pressures and rising costs, more voters are expressing dissatisfaction with his economic leadership. Trump’s handling of the economy was a key reason many Americans supported him in the 2024 election, as he promised to tackle inflation and strengthen American industry. However, recent economic indicators have left many questioning whether his policies are achieving the desired results.
Polling data reveals a noticeable dip in Trump’s approval ratings when it comes to the economy. A recent Reuters/Ipsos poll, conducted from February 12 to 18, showed that Trump’s overall approval rating had fallen to 44 percent, down from 47 percent just a few weeks earlier. Meanwhile, an Ipsos poll reveals a stark decline in his approval on economic issues, moving from a positive 16-point rating in 2017 to a negative 8-point rating today. Similarly, Quinnipiac University reported a drop in his economic approval, with a -4 rating for February.
Concerns over the economy are increasingly prevalent, with 53 percent of Americans in the Reuters/Ipsos poll believing the country is heading in the wrong economic direction, a significant rise from 43 percent in January. Other polls, such as a YouGov/Economist survey, show a growing divide, with 46 percent approving of Trump’s economic leadership, compared to 42 percent disapproving, a decline from earlier in the year.
For Trump, this drop in support is especially troubling, considering his promise to curb inflation and strengthen American trade. Recent data reveals that inflation is still on the rise. A Labor Department report from January showed the largest increase in consumer prices in nearly 18 months, placing even more financial strain on American families. Meanwhile, Trump’s February 1 tariff announcement, which includes a 25 percent tariff on goods from Mexico and Canada and a 10 percent tariff on Chinese imports, could further exacerbate inflation, with economists predicting an increase in consumer prices.
Many economists have expressed concern that these trade policies could hurt U.S. businesses, leading to higher consumer prices and potential retaliation from foreign trading partners. Goldman Sachs has even warned that these tariffs could raise inflation by 1 percent and reduce profit margins for American companies, further complicating the economic situation.
Even Trump’s strongest allies in the political world are acknowledging that inflation could undermine his presidency, with CNN’s Harry Enten remarking that Trump’s economic record is now a major vulnerability. Michael Steven Lewis-Beck, a political science professor at the University of Iowa, explained that rising costs, especially for farmers dealing with inflated fertilizer prices and soaring egg prices, are contributing to the public’s frustration with Trump’s economic agenda.
As Trump continues to navigate the challenges of the economy, the next few months will be critical in determining whether he can regain the trust of voters. His economic policies, including tax cuts and trade wars, will face increasing scrutiny as the country wrestles with inflation and economic uncertainty. Trump’s ability to respond effectively to these issues will likely determine the success of his second term in office.