**44% Say Tariffs “Bad for Economy” vs. 31% “Boost Economy”**
A survey shows that Americans are skeptical about President Donald Trump’s tariff policies, expressing concerns over inflation. Conducted by polling firm Harris Poll from February 6 to 8 (local time), the survey included 2,121 American adults. Bloomberg reported on the 27th that 59% of respondents believed Trump’s tariff policies would raise the prices of everyday goods. Only 11% expected prices to fall, while the rest felt there would be no impact (15%) or were unsure (16%).
Approximately 44% of respondents viewed tariffs as detrimental to the economy, contrasting with 31% who believed they would stimulate it. Even among Republican supporters, only half thought tariffs were beneficial for the economy.
In response to whether grocery prices had changed from the previous month, 61% of respondents said they had increased, surpassing those who said they remained the same (33%) or had decreased (7%).
Despite Trump’s approval rating having surpassed 50% at the time of his inauguration, it has gradually declined over time, though it remains higher than during his first term. Bloomberg suggested the survey results indicate that many U.S. consumers do not resonate with Trump’s message, posing a risk of political backlash.
Some analysts say that discontent with inflation during President Joe Biden’s administration contributed to Trump’s electoral victory, but his tariff policies may again stoke inflation fears.
Trump has said he uses tariffs to bring businesses back to the U.S. and increase government revenue, offsetting tax cut impacts. However, economists warn tariffs could lead to price hikes and slowed growth.
The Peterson Institute for International Economics (PIIE) estimated that fully implemented tariffs on China, Mexico, and Canada could cost typical American households an additional $1,200 (about 174,000 KRW) annually.
Concerns over inflation and economic slowdown are also reflected in U.S. government statistics. January retail sales fell by 0.9% compared to the previous month, marking the steepest drop in 22 months since March 2023 (-1.1%), with tariffs cited as a contributing factor. Wells Fargo economists noted that “tariff fears are real” following the retail sales report.
The U.S. Consumer Price Index (CPI) in January rose by 3.0% year-on-year, still exceeding the Federal Reserve’s target of 2.0%, while this month’s long-term (5-year) expected inflation rate of 3.3% is the highest since 1995.
Bloomberg economist Eliza Winger stated that with already high prices, people worry about anything related to inflation, adding sensitivity to any inflation-related reports.
Bloomberg noted that tariff uncertainty negatively impacts business investment and employment. Though Trump promotes job creation through tariffs, referring to his first-term U.S.–China trade war, the opposite effect was observed.
The Harris Poll showed that opinions were almost evenly split on whether tariffs, by boosting U.S. manufacturing and employment, were worth the inflation trade-off.
When assessing the strength of the U.S. economy, 40% of respondents prioritized “comfortably spending each month” over “a strong job market and wage increases” (26%) or “expanding U.S. product manufacturing” (13%).
In terms of feelings about the U.S. economy, many respondents mentioned “stress” (42%) and “worry” (41%), highlighting whether Trump can alleviate these negative factors as a key issue.