Market Data 
Topline
Americans’ concerns about President Donald Trump’s tariffs and their potential effects on the cost of consumer goods correlates with a dip in his approval rating in the majority of reputable polls released since his April 2 “Liberation Day” announcement.
Key Facts
Americans are generally dissatisfied with Trump’s tariff hikes: An Economist/YouGov survey of U.S. adults taken April 5-8 found 50% disapprove of his handling of foreign trade, while 39% approve; an April 3-7 Quinnipiac poll of registered voters found a -16 net approval rating on Trump’s handling of trade; an April 8-11 CBS/YouGov poll found 58% of U.S. adults oppose the new tariffs, while 42% favor them; and an April 4-6 Reuters/Ipsos survey of U.S. adults found 57% oppose the 10% minimum tariffs and 39% support them.
Americans expect—and are concerned about—higher prices in the wake of the tariffs, according to polls, with 77% in the Economist/YouGov survey and 73% in the Reuters/Ipsos poll saying they will lead to an increase in prices, while the Quinnipiac survey found more respondents (47%) are concerned about the price of food and goods when assessing their financial situations than any other issue.
Voters are less pessimistic about the effects of tariffs in the long-term versus the short term: 72% believe they’ll hurt the U.S. economy in the short-term and 53% say they’ll hurt the U.S. economy in the long-term, according to Quinnipiac; and 37% of Economist/YouGov respondents said they may cause short-term economic pain but lead to long-term economic growth, compared to 48% who said they will harm the economy and consumers with no real long-term benefits.
Reaction to Trump’s tariffs wasn’t all bad, however: 51% of respondents to the CBS/YouGov poll said they like Trump’s goals for the tariffs, which he’s said are designed to return manufacturing jobs to the U.S. and decrease the U.S. trade deficit with other countries, though 63% dislike his approach, and 76% surveyed by Reuters/Ipsos said they believe tariffs should be aimed at countries that “have been taking advantage of the U.S.” on trade.
Significant shares of Americans lack a basic understanding of tariffs, with 32% of respondents to the Reuters/Ipsos poll incorrectly stating tariffs “are taxes paid by the country exporting the goods,” when in reality tariffs are taxes paid by U.S. importers to the U.S. government.
Trump’s overall job approval rating after his April 2 tariff announcement has declined in at least four surveys taken since, ranging from a net -6 to net -12 approval rating, though his 45% average approval rating during his second term is still higher than his 41% average approval rating in his first term, according to Gallup.
Contra
Trump had a net positive approval rating in at least one reputable poll, by Harvard CAPS/Harris, taken since his “Liberation Day” announcement. The survey, conducted April 9-10, found 48% approve and 46% disapprove of his job performance, though his net approval rating has declined seven points since the groups’ February survey.
Big Number
59%. That’s the share of voters who believe Trump is using the new taxes only to negotiate with other countries and will remove them later, compared to 41% who think he’ll keep them permanently, the CBS/YouGov poll found.
Key Background
Trump announced on April 2 he would implement steep tariffs on U.S. trading partners with rates based largely on their trade surpluses with the U.S., and 10% tariffs for countries that have a trade deficit with the U.S. (meaning the U.S. exports more goods to those countries than it imports). The rates took effect briefly on Wednesday, causing a stock market tailspin, a sell-off in the typically safe bond market and a weakened U.S. dollar, indicating the policy had shaken the U.S. economy’s reputation. Trump announced a 90-day pause in the tariffs just 13 hours after they took effect, citing the bond market instability. Trump left in place the 10% baseline tariffs, and duties on Chinese imports amid retaliation from Beijing, setting off a tit-for-tat trade war. U.S. imports to China are now taxed at 125%, while Trump has implemented a 145% tax on Chinese imports, though he exempted some tech products Friday. Previously announced 25% global tariffs on steel and aluminum and cars are still in effect, in addition to 25% tariffs on all products from Canada and Mexico not covered under the U.S.-Mexico-Canada trade agreement.
Further Reading
Trump Approval Rating Tracker: 4 Post-Tariff Surveys Show Drop (Forbes)
