Americans worry tariffs will raise prices

In the United States, opinions regarding President Donald Trump's economic policies have shifted significantly ahead of the implementation of new tariffs set for April 2, 2025. A CBS News/YouGov poll revealed that 64% of respondents feel the administration is not focusing adequately on lowering prices, with 55% asserting that there is too much emphasis on tariffs. Since Trump's second term began, confidence in his economic dealings has dwindled among voters, which is evident as the percentage of individuals believing they are better off financially has plummeted from 42% to just 23%. The forthcoming tariffs, which include a hefty 25% tax on imported cars and reciprocal tariffs on numerous countries, have contributed to a widespread belief that prices will surge as a consequence of these trade policies. Despite these negative perceptions, there remains a degree of divided opinion about the responsibility for current inflation. The poll indicates that 38% attribute this to President Joe Biden's policies while 34% blame Trump, showcasing an ongoing partisan divide concerning economic accountability. Concerns about the raised costs associated with Trump's tariffs are prevalent, with 72% of Americans predicting immediate price increases, and 47% anticipating sustained increases in the longer term. As Trump's administration moves forward with the proposed tariffs, economic experts warn of looming inflation and further complications affecting consumer confidence. During this time, Trump's approval ratings have taken a hit, marking a decline in public sentiment toward his handling of economic matters. While some Republicans still support his stance on immigration and deportation efforts, the negative perception regarding his economic policies appears to overshadow his political base's backing. The lack of a coherent and well-articulated strategy regarding tariffs has left many Americans feeling uncertain about the broader economic landscape. As the government prepares for 'Liberation Day,' pressures mount to re-establish confidence among consumers and businesses alike. The potential consequences of these tariffs extend beyond immediate price hikes, with ramifications expected in corporate profits and overall economic growth. Economists fear that an unstable approach to tariff implementation may plunge the economy into recession, impacting Trump's legacy in his second term. A coherent policy that prioritizes clear communication and market stability may be crucial for reversing the downward trend in public approval and economic confidence, especially as midterm elections approach. Observers note that the upcoming fiscal landscape will determine Trump’s effectiveness and viability moving forward as he faces mounting challenges both economically and politically.