Trump losing ground on economy, poll finds

By Brett Rowland
The Center Square

Donald Trump rode a poor economy back to the White House during his 2024 campaign, but seven months into his second term, most voters aren’t seeing what they want.

The Center Square Voters’ Voice Poll, conducted by Noble Predictive Insights, surveyed 2,565 registered voters from Oct. 2-6, 2025, via opt-in online panel and text-to-web cell phone messages. The poll found that 51% of voters disapproved or strongly disapproved of Trump’s handling of the U.S. economy. About 47% of voters approve or strongly approve of Trump’s handling of the economy. About 3% of voters said they weren’t sure.

Republicans were more likely to view Trump’s economic record favorably. About 80% of Republican voters said they approved of Trump’s economy. However, Democrats and independents don’t see it that way. Among Democrats, 83% disapprove. Among independents, 57% disapprove.

Income level also affected the results. People with more money were more likely to view Trump’s handling of the economy positively. Among registered voters with less than $50,000 in household income, Trump’s economic approval rating was 39%. Among voters with household incomes between $50,000 and $100,000, that approval rating climbed to 46%, while 59% of households earning more than $100,000 viewed Trump’s handling of the economy favorably.

Trump’s overall approval is now directly connected to his economic approval, said Mike Noble, founder and CEO of Noble Predictive Insights. That’s a change from Trump’s first term, but similar to how voters felt in April when The Center Square asked the same question.

“Not only is he tethered to it, it’s actually dragging him down a little bit more,” Noble told The Center Square. “I think that is a worrisome thing, especially going into the midterms.”

Trump has spent much of the past seven months pressuring the Federal Reserve to lower interest rates while rolling out the highest import duties America has faced in nearly a century. Trump used tariffs to overhaul global trade in favor of U.S. firms, but consumers have seen little relief on prices. Trump has said he wants to use tariffs to bring back manufacturing jobs, shift away from income taxes and pay down the nation’s $37.8 trillion in debt.

The Federal Reserve lowered benchmark interest rates by a quarter point last month. Trump wants to cut them by multiple points.

Trump’s tariff rollout has also frustrated both businesses and consumers. Some of the world’s top retailers, including Walmart and Home Depot, have publicly said that they have raised prices to cover the costs of tariffs. Trump has called on large companies to absorb the loss without raising prices.

A recent report from Goldman Sachs estimated that consumers would pay 55% of the cost of tariffs. The White House has pushed back on that and similar claims.

“The President and Administration’s position has always been clear: while Americans may face a transition period from tariffs upending a broken status quo that has put America Last, the cost of tariffs will ultimately be borne by foreign exporters,” White House spokesman Kush Desai said in a statement. “Companies are already shifting and diversifying their supply chains in response to tariffs, including by onshoring production to the United States. Americans can rest assured that the Administration will continue to deliver economic relief from Joe Biden’s inflation crisis while laying the groundwork for a long-term restoration of American Greatness.”

The poll sample included 2,565 respondents, comprised of 978 Republicans, 948 Democrats, and 262 True Independents, which Noble Predictive refers to as independents who, when asked if they leaned toward one of the major parties, chose neither.

The poll weighted each party – Republicans, Democrats, and True Independents – independently.

The margin of error was 2%.