President Donald Trump's economic approval rating has fallen to 37%, its lowest point across both his presidential terms, as multiple polls released in April 2025 show growing public concern about his economic policies, particularly following his controversial "Liberation Day" tariff announcements that triggered market instability and recession fears, according to Reuters/Ipsos and Pew Research Center.
The president's approval ratings have steadily eroded since his January 2025 inauguration, when he enjoyed 47% approval according to Reuters/Ipsos polling.1 By late April, that figure had dropped to 42%, marking his lowest level since returning to the White House.1 The Pew Research Center documented a similar trend, showing Trump's job approval falling 7 percentage points since February, with a particularly sharp decline among those who "very strongly" approved of his performance (from 37% to 31%).2
This downward trajectory spans demographic groups but has been especially pronounced among certain constituencies. Morning Consult polling revealed that Black voters, who contributed to Trump's popular vote victory, have shown the steepest decline—his net approval rating dropping 27 percentage points among this group since January.3 Young Americans, another key segment in his 2024 electoral success, have also significantly withdrawn support.3 Even among nonvoters and those whose post-election support was characterized as "not strong," approval has fallen more dramatically than among the general population.2
The announcement of Trump's sweeping tariffs on April 2, 2025, dubbed "Liberation Day," triggered immediate market turmoil. U.S. stocks plummeted the following day, with the Dow Jones Industrial Average falling more than 1,600 points (2.7%), the S&P 500 dropping 3.3%, and the tech-heavy Nasdaq plunging 4.5%12. This market reaction reflected investor fears about the potentially toxic combination of higher inflation and weakening economic growth that tariffs could create2. The global financial markets also reeled, with widespread selling affecting everything from crude oil to tech stocks.
The market volatility continued in subsequent weeks as uncertainty persisted despite Trump's 90-day pause on some of the more severe "reciprocal tariffs" while maintaining the 10% baseline tariff3. By late April, stocks experienced another significant sell-off amid Trump's criticism of Federal Reserve Chair Jerome Powell and ongoing tariff concerns, with the S&P 500 falling more than 2.3% and the Dow dropping nearly 1,000 points in a single day4. Goldman Sachs raised its recession probability from 20% to 35% specifically citing the tariffs5, while investors increasingly worried that stock prices might need to fall much further to reflect the economic reality of Trump's trade policies2.
The "Liberation Day" tariffs sparked immediate and widespread backlash from both domestic and international stakeholders. Domestically, economic experts warned that the tariffs would raise prices for everyday consumers, with Columbus Mayor Andrew Ginther cautioning that median home costs could increase by $21,0001. The policy contributed to Americans' growing economic pessimism, with 53% saying their financial situation was worsening—the highest level of financial pessimism since 20012. Internationally, the response was equally negative, with Canada's Prime Minister Mark Carney describing the tariffs as a "break" in US-Canada relations, France's President Emmanuel Macron warning they would harm global value chains, and China condemning the policy while emphasizing that "there are no winners in trade wars"1. The backlash was so severe that the White House announced a 90-day pause on all reciprocal tariffs on April 9, 2025, excluding those on Chinese imports, which were increased to 125%3.
