In the case of President Trump, his expansive trade and monetary policies have all but incited drastic policy changes during his presidency, creating anxiety throughout the American populace. Survey results suggest that his approach to the economy, as well as his continued alterations of policies within the presidential term, signal a failure for trust in any transition to occur.
A Flurry of Policy Changes: “Improvisation After Another”
In the case of Trump, economic decision-making has included several sharp U-turns. For example, he was publicly thinking about getting rid of Federal Reserve Chair Jerome Powell and later needed to reverse course. Just as he provided assurances of compromise and conciliatory gestures, Trump also imposed tariffs on China. Political science professor at Duke University, Joseph Grieco, noted, “There is no chance the US flip-flops on trade the past month were remotely planned.” Trump’s approach was, in Grieco’s words, “one improvisation after another.”
Polygons depict a graph showing a lack of trust: Approval rating declines.
The unanticipated economic policies of the president are directly correlated to his low-notch approval rating, a troubling trend. In early April, a Pew Research Center poll revealed that only 40 percent of respondents approved of Trump’s performance, down 7 points from February’s 47 percent and 7 return. Meyer says, “Pols to anger, stop feints.
Traditionally, all of the US presidents after Reagan, barring Clinton and Trump, have had an approval rating of 50% or higher in the first 100 days of presidency. As noted by the Pew Research Center, Trump’s approval ratings align with those from his first term, emphasizing the unchanged partisan divide.
Majority Dissatisfied: Strong Discontent on Economic Policies
Upon closer examination of the Pew Research Center survey, it becomes apparent that Trump’s trade policies are disapproved by nearly 6 out of 10 respondents. In another survey conducted by Reuters and Ipsos, only 37% of American respondents said they were satisfied with the president’s approach towards the economy. This is notably lower than the positive ratings Trump previously received at the start of his presidency when he was often hailed for the state of the economy.
These findings are further supported by early April research conducted by YouGov, where it was found that the number of people dissatisfied with the president’s economic policies surpasses those satisfied at 51%. This marks a decrease of four points from late March, prior to the controversial tariff policies and later policy pullbacks the president implemented.
Volatility in the Market: Investors Are on Edge
Global markets are within a heightened range of volatility due to the lack of a clearly defined economic strategy from the White House. Even the smallest comments from Trump or any of his closest aides regarding trade or monetary policy often result in severe market movements, which heightens the level of concern for American investors right now, especially those who depend on stocks for their retirement plans.
Trump’s frantic remarks about Powell’s tenure as the Federal Reserve chair also contributed to the already present market uncertainty. Calling Powell a “loser” for not cutting the rates added fuel to the rage Trump had against the central bank’s independence, making the markets tank only for calm to return once Trump reassured investors he would not be removing Powell.
A Divided Nation: Criticism Enthusiastic support transcends apathy.
Most polls suggest deepening discontent with the Trump administration’s economic policies, which registered across the wider electorate, but they also point out the enduring loyalty of Trump’s core support base. In today’s politically polarized America, 70% of Republican voters and Republican-leaning independents still back Trump’s trade protectionism, while 90% of Democrats are against it, as reported by the Pew Research Center.
Nonetheless, a troubling Gallup poll found that 53 percent of Americans surveyed anticipate a decline in their personal finances. In fact, Gallup has noted that Americans have generally maintained a positive outlook on their personal finances ever since 2001. This shift toward negative sentiment is likely to reduce consumer spending and slow economic growth.
A Tightrope Walk of Policy Perception
There is increasing concern from the American public regarding Trump’s economic policies, primarily due to his mercurial policy changes and ad hoc remarks, which foster distrust. While devoted base supporters remain steadfast, the wider electorate is increasingly worried about the state of the economy. This leaves the president with the need to merge his maverick style with the necessary strategy of delivering order and predictability required by markets and citizens alike.
