As President Donald Trump approaches his 100th day in office during his second term, new polling indicates that a majority of Americans believe recent tariff policies are likely to increase the cost of goods.
According to a Gallup poll conducted from April 2 to April 15, 89% of U.S. adults said it was either “very likely” or “somewhat likely” that tariffs will lead to higher consumer prices. This view was consistent across political affiliations, with majorities of Democrats, Republicans, and Independents expressing concern about potential price increases.
The Trump administration has implemented a 10% baseline tariff on most imported goods as of April 5, alongside existing tariffs on steel, aluminum, imported vehicles, and other products. While some reciprocal tariffs are currently paused, tariffs targeting China remain in effect.
In support of these measures, President Trump has stated that tariffs are intended to bolster U.S. manufacturing, create jobs, and generate revenue to help fund an extension of previous tax cuts. He has also suggested that tariff revenue could support significant reductions or even elimination of income taxes.
Public opinion on those claims is divided. While approximately 49% of Americans believe tariffs could support domestic manufacturing job growth, 50% expressed skepticism about the likelihood of such an outcome, according to Gallup.
In terms of economic impact, 70% of Americans surveyed said they believe tariffs will cost the U.S. more than they generate in the short term. A similar majority, 62%, expressed the same concern for the long term.
A separate CBS News poll released Sunday found that 48% of respondents feel the administration’s economic policies have left them financially worse off.
Some consumer price increases have already been reported. Data from SmartScout, a pricing analysis tool, indicated that nearly 1,000 products on Amazon saw price hikes beginning in mid-April. Analysts have pointed to tariffs as a contributing factor, particularly in sectors that rely on imported goods, such as small businesses and the automotive industry.
On the international front, the Trump administration has launched trade negotiations with numerous countries. Treasury Secretary Scott Bessent stated on Sunday that progress is being made with 17 key trading partners. President Trump has claimed that his administration is currently working on more than 200 trade deals.
However, some trading partners have introduced retaliatory tariffs. For example, China has imposed tariffs of up to 125% on certain U.S. goods. Canada and other nations have also responded with their own measures.
Federal Reserve Chair Jerome Powell noted that tariffs could contribute to higher inflation. While some of the effects may be temporary, Powell cautioned that the impact could be more persistent depending on broader economic conditions.
Inflation currently stands at 2.4%, slightly above the Federal Reserve’s 2% target. The International Monetary Fund projects that U.S. inflation could reach 3% by year-end. Americans continue to experience cost increases in essential goods such as food and housing, according to data from the CBS News price tracker.
President Trump’s approval ratings on economic management and inflation have declined since March. As of April 27, 42% of Americans said they approve of his handling of the economy, down from 51% earlier in the year. Approval of his approach to inflation dropped to 38%, from 46% in March.
Public sentiment remains mixed. While most “MAGA” Republicans report confidence in the administration’s economic strategy, broader national surveys reflect ongoing uncertainty about the longer-term effects of the tariff policies.
Your go-to for supply chain report news updates: The Supply Chain Report. For international trade tools, see ADAMftd.com.
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