Americans, "skeptical" about Trump's actions - According to the survey, the imposition of tariffs is harming the economy and markets
A majority of Americans believe President Donald Trump is being too "unruly" in his moves to "shake up" the US economy, as imposing tariffs on some of the country's major trading partners hits stock markets, a new Reuters/Ipsos poll found.
About 57% of respondents, including one in three Republicans, said the president's policies have been inconsistent and his efforts to tax imports have sparked a global trade war.
Instead, Americans want Trump to continue to focus on fighting high prices, even though there are growing concerns that his policies will increase costs, the poll found.
Trump's imposition of tariffs on allies like Canada and Mexico and his refusal to rule out a recession have spooked U.S. markets. The S&P 500 has lost more than $3 trillion in value since hitting an all-time high last month. In response, the White House has said that some short-term economic problems may be necessary for Trump to implement his trade agenda, which aims to bring manufacturing back to the U.S.
Overall, 44% of respondents said they approved of the job Trump was doing as president. But the poll fared poorly on the cost of living issue, with only 32% of respondents approving of his performance.
And 70% of people, including nine in 10 Democrats and six in 10 Republicans, said they expected higher tariffs to make groceries and other regular purchases more expensive.
For most of his political career, Trump, a real estate developer turned reality TV star, has pointed to the strength of the stock market as an indicator of economic health. But since returning to office, he has downplayed it.
“Markets will go up and they will go down. We have to rebuild our country,” Trump said. This is a sharp change from his first term.
A White House spokeswoman said patience is needed, calling the market's performance "a snapshot in time, and we expect there will be good days and there will be bad days, but ultimately, Wall Street and Main Street will benefit from this president's policies, as they did in his first term."
Inflation was by far the top concern of those surveyed. Six in 10 respondents said it was the issue they thought Trump should prioritize.
Some analysts have painted a more gloomy picture. Investment bank JP Morgan sees the risk of a U.S. recession this year at about 40% and considers an economic downturn even more likely if Trump follows through with another planned wave of tariffs in April.
The White House has been raising tariffs on goods made in China and on Wednesday raised tariffs on a wide range of imported auto and tractor parts, construction materials and machinery parts, most of which are purchased from Canada and Mexico. Canada and the European Union vowed on Wednesday to retaliate with their own trade barriers against American products.
Inflation, which rose under Trump's predecessor in office, Democrat Joe Biden, remains high and is expected to rise due to the tariffs, analysts say.
Poll
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