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President Donald Trump is preparing to unveil a sweeping new round of tariffs this week after a month of economic news that has roiled the White House and planted doubt in Americans minds that he can reverse an incoming recession.
Now a new poll shows only 23 percent of Americans feel they are better off financially since Trump took office despite his promises to help get the economy back on track.
This setback for the present administration is highlighted by the fact that the CBS/YouGov poll conducted in January indicated 42 percent of respondents anticipated Trump's policies would enhance their financial situations.
The figures have effectively turned upside down, as 28% of Americans anticipate being in a poorer financial position under Trump’s leadership compared to the current 42% experiencing economic pressure — which marks a rise of 14%.
Americans sense that they are faring significantly worse rather than better since Trump assumed office.
Economists are currently cautioning that the administration’s new tariffs, scheduled to take effect on Wednesday, could further strain the finances of financially troubled Americans as costs are expected to rise significantly across various key products including vehicles, technology items, and oil and gas.
Sen. Rand Paul (R-Ky.) warned on Sunday that cars could increase in price between $5,000 and $10,000.
More than half of Americans say that Trump is focusing too much of his economic policies on implementing tariffs on other countries and not enough on actually lowering prices.
Trump has been teasing April 2 as 'Liberation Day,' where he will announce a net set of international tariffs with the aim of making the U.S. more self-reliant. The President wants to domesticate more industries rather than outsourcing and he believes that other countries are getting the better end of the deal when it comes to trade with the U.S.
President Trump secured victory in the 2024 election largely due to Americans believing he could boost the economy following ex-President Joe Biden being held responsible for steering the U.S. towards a recession.
Even now, 38 percent of Americans attribute inflation and increasing prices to Biden's policies, whereas 34 percent hold Trump responsible. Additionally, 19 percent believe that both share an equal portion of the blame.
In addition to tariffs, the Trump administration has aimed at shrinking the federal workforce and trimming the bloated government budget, asserting these measures will cut down on wasteful spending by taxpayers—though they stop short of guaranteeing this will lessen the overall tax load for individuals.
Americans are evenly divided regarding the Department of Government Efficiency (DOGE) federal layoffs, incentive-based retirement programs, and reallocating resources, with half supporting and half opposing these measures.
The general agreement from the recent survey published on Sunday indicates that Americans prioritize economic and financial policies affecting their personal finances over issues like international trade conflicts and widespread federal layoffs.
According to the CBS/Yougov survey, 48% agree with Trump’s approach to managing the economy, while 52% disagree.
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