As prices go up, Trump’s approval numbers go down: The president’s approval rating is the lowest in six months
Trump announces an EU trade deal with reduced tariffs, but inflation fears rise as approval ratings drop amid voter concerns over his economic agenda.
While on a personal trip to Scotland, President Donald Trump announced that his administration had reached a trade agreement with the European Union. Though the details of the deal have yet to be fully disclosed, the president stated that 15 percent tariffs would be applied to imports from the bloc—half the rate that had been threatened earlier this month.
Another tariff deadline approaches
While many of the deals—or at least frameworks—agreed to with some of the country’s largest trading partners will limit tariffs to levels lower than those announced in early April, economists are warning that prices for consumers could begin to rise. The White House has attempted to downplay these concerns, citing reports from the Bureau of Labor Statistics that show only moderate inflation increases. In June, the BLS’s Consumer Price Index reported an average price increase of 0.3 percent. In both April and May, despite the imposition of 10 percent tariffs on nearly all products entering the U.S., prices remained relatively stable.
However, the June numbers—and the forthcoming July report, scheduled for release on August 12—will reveal whether the trend is shifting and if households should brace for higher costs.
Voters turn on Donald Trump; voicing disappointment with his economic policy agenda
As warnings about rising prices grow louder, Trump’s approval rating has dipped. Overall, his favorability has fallen from 47% in January, when he took office, to 37% in late July, according to polls conducted by Gallup.
On the economy, the numbers are even more dramatic. The president’s strength on economic issues helped deliver his victory in November, but since then, his approval rating in this policy area has dropped. A recent Fox News poll found that 62 percent of voters disapproved of his handling of the economy, with low approval for his plan to impose sweeping tariffs frustrating both Democratic and independent voters. A CBS/YouTube poll found that only 40 percent of voters support the president’s economic agenda, with just 36 percent approving of his actions to combat inflation.
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