Trump's approval rating on economy is his lowest ever

Americans' confidence in President Donald Trump’s ability to bolster the economy is plummeting based on responses in two recent polls.

Trump’s approval rating on economy hits new low

Why you should care:

In a new Reuters/Ipsos survey, only 37% of Americans approve of President Donald Trump’s handling of the economy, a rating lower than any point during Trump’s first term in office.

A separate poll from the Associated Press-NORC Center for Public Affairs Research, which surveyed 1,260 adults between April 17-21, Americans’ trust in Trump to strengthen the U.S. economy appears to be wavering, with many respondents showing concern that the U.S. may be heading into a recession and that Trump’s enforced tariffs will cause prices to increase.

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About half of Americans admit that Trump’s trade policies will cause prices to rise "a lot" and another 3 in 10 believe prices may go up "somewhat," according to the AP-NORC poll. And another half of respondents said they are "extremely" or "very" concerned about the possibility of the U.S. economy going into a recession in the next few months.

Meanwhile, approximately 52% of respondents in the AP poll share that they are against imposing tariffs on all goods brought into the U.S. from foreign nations, while another 6 in 10 people say Trump has "gone too far" when it comes to imposing new tariffs.

Americans’ biggest concerns about economy

Dig deeper:

The Reuters/Ipsos poll, which surveyed 4,306 U.S. adults nationwide between April 16 and April 21, revealed that three-quarters of the respondents in the poll said they worried a recession was coming. Approximately 56% of respondents, including one in four Republicans, said Trump's moves to shake up the economy are "too erratic."

When respondents in the poll were asked what their major concerns are related to the economy, 87% said inflation, 86% said cost of living, 79% said the nation’s growing debt, and 77% said Social Security. 

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Sixty percent of respondents surveyed said they are concerned about the stock market, where share prices have fallen sharply in recent weeks amid investor worries over Trump's plans to hike tariffs on imported goods.

Additionally, 52% of Americans said they agreed with a statement that "Trump's actions could make it harder for me to live comfortably when I retire," eclipsing the 31% who disagreed with the statement.

According to the AP-NORC poll, roughly 6 in 10 Americans admit they are "extremely" or "very" concerned about the cost of groceries in the next few months, while about half are highly concerned about the cost of big purchases, such as a car, cellphone, or appliance. And less than half of respondents are highly concerned about their ability to purchase the goods they want.