Trump Tariffs, April 28: Thumbs down to his first 100 days, waiting for the ‘Big, Beautiful’ tax Bill
Trump’s approval rating has declined to 40%, amid concerns of rapidly evolving tariff decisions and administrative cuts, as well as the increased cost of living for the foreseeable future. In the week ahead, discussion on his divisive tax bill will continue
An analysis by The Institute on Taxation and Economic Policy last week indicated that Trump’s tariffs could increase the tax burden on the poorest 20% of American households (incomes less than $29,000) by 6.2%, around four times more than those in the top 1% (incomes exceeding $195,000).
This was based on the state of Trump’s tariffs then, specifically 10% on goods from most countries, 25% sector-specific tariffs on some goods from some countries, and the 145% levy on China.
The Pew poll also indicates a decline in public expectations of economic performance – 45% of Americans expect economic conditions to worsen. Among these, the prices of food and consumer goods as well as housing costs are the chief concerns, with 67% very concerned about the former, and 61% very concerned about the latter.
Looking forward: Trump’s “Big, Beautiful” tax bill