For years, Donald Trump’s political resilience has been bolstered by a strong voter perception of his economic management. Even through numerous controversies, his reputation as a savvy businessman and economic steward remained a consistent advantage. However, recent polling suggests that this critical asset is eroding, marking a significant shift in public sentiment.
According to a CNN/SSRS poll, only 44% of respondents now approve of Trump’s handling of the economy, while 56% disapprove. This 12-point net disapproval rating is the worst he has recorded in this particular poll, highlighting a growing discontent among voters.
A Key Advantage Fading
Trump’s reputation as a capable economic leader has played a major role in his political career. Long before entering politics, he cultivated an image of business success through his real estate empire, best-selling books, and reality television show The Apprentice. This perception helped him appeal to voters who believed that a wealthy businessman could manage the economy more effectively than a career politician.
During the 2016 election, economic confidence was a defining factor in Trump’s victory. While his opponent, Hillary Clinton, led in many polls, a consistent belief among voters was that Trump would handle the economy better. His first three years in office reinforced this view, as markets surged and unemployment remained low. Even the economic turbulence of the COVID-19 pandemic in 2020 did not completely undermine voter confidence in his leadership.
Biden’s Economy and Trump’s Advantage
The economic struggles under Joe Biden’s presidency further strengthened Trump’s appeal. Soaring inflation and rapid interest rate hikes under the Federal Reserve led to significant voter frustration, severely damaging Biden’s approval ratings. This reinforced the long-standing perception that Democrats struggle with economic management, while Trump was seen as the leader who could restore the economic prosperity of 2017–2019.
Trump’s polling advantage over figures like Kamala Harris on economic issues underscored this belief. Many voters were drawn to the idea that his return to power would signal a return to strong economic growth and stability.
A Shift in Strategy and a Political Risk
Since beginning his second term, Trump has taken a more aggressive stance on tariffs and trade wars, making these policies a highly visible part of his economic strategy. The consequences have been just as visible, with markets experiencing sharp declines in recent weeks. This downturn is now raising concerns among voters who once trusted him to deliver economic stability.
Unlike his first term, which prioritized broad economic growth, his second-term approach has been more centered on appealing to his core MAGA base. While this strategy may solidify support among his most dedicated followers, it risks distancing the swing voters who were instrumental in his victories in both 2016 and 2024.
Although Trump himself does not face another election, the political consequences of his economic policies could extend beyond his presidency. Republican candidates across the country may find themselves in electoral peril if the economic downturn continues to erode public confidence. As markets react to his aggressive trade policies, the fallout could shape the political landscape in ways that even Trump’s strongest supporters did not anticipate.