President Donald Trump’s economic approval rate further nosedived, according to a Reuters/Ipsos poll released Wednesday. About 37 per cent of Americans approved of Trump’s handling of the economy, which is five points down since his inauguration. It is also the lowest rating Trump ever received on economy, combining both his presidential terms, the pollster said.
The survey came as Trump softened his tariff war and also took a step back from his aggressive stance against Fed chair Jerome Powell. He said he had no intention of firing Powell which helped the market recover on Wednesday.
According to reports, the CEOs of three biggest retailers — Walmart, Target and Home Dept — privately warned Trump that his tariff and trade policy could disrupt supply chains, raise prices and empty shelves.
Treasury secretary Scott Bessent said there is an opportunity for a big deal on trade between US and China. “If they want to rebalance, let’s do it together,” Bessent said during an appearance at the Institute of International Trade and Finance in Washington, DC, signalling positive developments in the coming days.
The Reuters poll revealed that nearly 75 per cent of US adults said they are worries about a recession and more than half the respondents, 56 per cent, said Trump’s retooling of the economy is too erratic, including about 1 in 4 Republican voters.
The numbers also show that two-thirds of Americans said they are concerned about the impact of his trade war on the stock market. When responding to the statement, “Trump’s actions could make it harder for me to live comfortably when I retire,” roughly 52 per cent of US adults said they agreed, while 31 per cent said otherwise, according to the poll.
On handling the economy, the president still enjoys strong support from Republican voters and sparse backing among Democrats. The large majority of GOP voters, 81 per cent, said they approve of Trump’s economic moves. On the flip side, only 5 per cent of Democrats said the same. Among those outside of the two major political parties, 28 per cent sided with Trump, according to the poll.
