President Donald Trump is registering the lowest economic approval ratings of his presidency, according to the latest CNBC All-America Economic Survey, as voters express growing dissatisfaction with his handling of tariffs, inflation, and government spending.

The poll, conducted April 9–13 among 1,000 Americans, showed a material shift in sentiment since his reelection, with optimism around the economy and stock market fading.

44% approve of Trump’s overall job performance while 51% disapprove—slightly better than his final approval ratings in 2020. However, his economic approval rating stands at just 43%, with 55% disapproving. It marks the first time in any CNBC poll that Trump has received a net-negative economic approval rating while in office.

More concretely, Americans disapprove of broad tariffs by a 49–35 margin, with most respondents saying they are bad for American workers, increase inflation, and hurt the overall economy. Even among Republicans, support for tariffs is 20 points lower than their approval of Trump himself—at 59% net approval compared to 79% for the president.

Democrats overwhelmingly oppose the tariffs, with an 83-point net disapproval, and independents disapprove by a 26-point margin. Meanwhile, a majority of Americans view long-standing trade allies—Canada, Mexico, the EU, and Japan—as economic partners rather than threats, signaling little public support for Trump’s confrontational trade approach.

China remains an exception: 44% of Americans see China as an economic threat, compared to 35% who view it as an opportunity.

Beyond trade, Trump’s handling of inflation appears to be the most damaging issue. The public disapproves of his response to inflation by a wide 60–37% margin. Even among Republicans, it’s his weakest-performing issue, with just 58% approving.

Inflation concerns are closely tied to perceptions of broader economic health, and recession fears are surging: 57% of Americans believe the U.S. is either in a recession or will enter one soon, up sharply from 40% in March. That includes 12% who believe the recession has already begun.

On federal government spending, 51% disapprove versus 45% who approve. On foreign policy, disapproval stands at 53% compared to 42% approval. Among key demographics, independents and Democrats have become increasingly negative—Democrats now post a -90 net economic approval, 30 points more negative than their average during Trump’s first term, while independents have moved 23 points more negative.

Even among blue-collar workers—once a stronghold of Trump’s support—economic disapproval has climbed by 14 points.

One notable bright spot for Trump remains immigration. The president garners a 53–41% approval rating for his handling of the southern border and 52–45% approval for his deportation policies. These issues are the only ones where Trump enjoys a majority of support among independents and even receives 22% approval from Democrats on his border stance—his best performance with that group on any issue.

Stock market sentiment has also deteriorated. Just 38% of Americans now say it’s a good time to invest, compared to 53% who believe it’s a bad time—the most negative reading in two years. The reversal is especially sharp given that December’s survey showed the largest swing toward stock market optimism in the 17-year history of CNBC’s poll.

Despite Trump’s weakening economic numbers, the shift has not yet translated into meaningful gains for Democrats. Congressional preference remains essentially unchanged from March 2022: 48% of Americans favor Democratic control of Congress, while 46% support Republican control.