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Tariffs

Tariffs Remain Unpopular Despite Economic Recovery

Strategic Insights

— 2 min read

The imposition of tariffs by President Donald Trump's administration has not sat well with voters, who are still largely opposed to the economic policy despite the recent economic recovery. According to a Pew Research Center poll, 61% of Americans disapprove of significantly increasing tariffs on goods imported from most countries, while only 38% approve. This sentiment has remained largely unchanged since April, when Trump's "Liberation Day" tariff policy sent financial markets reeling. However, the financial markets have not reacted as strongly to the latest tariffs, which took effect on August 7, largely due to optimism about the economy and anticipation of a potential interest rate cut by the Federal Reserve.

Key Takeaways:

  • A Pew Research Center poll found that 61% of Americans disapprove of significantly increasing tariffs on goods imported from most countries, while only 38% approve.
  • The poll also found that just 15% of Americans strongly approve of the Trump administration's policy of imposing higher tariffs on goods, while 39% strongly disapprove.
  • Despite the recent economic recovery, voters remain concerned about the cost of living, with 46% saying they are "very concerned" about higher prices and 29% saying they are "somewhat concerned".
  • A flash Washington Post poll in early March found that only 40% of voters supported Trump's vision for tariffs on Canada, China, and Mexico, while 60% opposed the tariffs.
  • Data from a CBS-YouGov poll found that if the question on support for tariffs focused on the eventual broad impact, Trump's standing was better, with 34% of voters saying that the U.S. economy would be better because of tariffs, while 42% said it would be worse.
  • The unpopularity of tariffs mirrors the decline in Trump's handling of the economy, with a Gallup poll finding that only 37% of voters approve of his handling of the economy.

Statistics:

  • 2.7%: The rate of inflation in July, which is a relatively stable place compared to the 2.3% rate in April.
  • 29%: The percentage of independents who support Trump's handling of the economy, according to the Gallup poll.
  • 71: The number of employees laid off by John Deere in Waterloo, Iowa, due to the cost of tariffs.
  • 20 points: The net swing in Democrat Tom Fiegen's favor in a state Senate seat in Western Iowa, which could indicate a growing concern about the impact of tariffs.

Sources:

  • The Washington Post, "Four months after voters and financial markets recoiled at global trade wars, Wall Street and Main Street have taken sharply different views about President Donald Trump's signature economic policy."
  • Pew Research Center, "Most Americans disapprove of Trump's trade policies, and a growing share say the economy is not good."
  • CBS-YouGov, "A majority of Americans say the economy would be worse off under Trump's tariffs."
  • Gallup, "Only 37% of voters approve of Trump's handling of the economy."
  • The Washington Post, "A flash Washington Post poll in early March found that only 40% of voters supported Trump's vision for tariffs on Canada, China, and Mexico, while 60% opposed the tariffs."
  • Des Moines Register, "Iowa Democrats win special election, citing concerns over cost of living and affordability."

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