Trump approval on economy hits new low: Quinnipiac poll

President Trump hit his lowest approval rating on the economy in a Quinnipiac University Poll released Wednesday.

Just 38 percent of respondents said they approve of the president’s handling of the economy, while 57 percent disapproved and 5 percent did not provide an opinion. Trump’s previous low on the economy was a 39 percent approval rating, a mark he hit four times — including last month — since the start of his first term in 2017. 

The respondents were split along partisan lines: 88 percent of Republicans and just 2 percent of Democrats approved of the president’s handling of the economy. Only 30 percent of independents backed Trump on the issue. 

The survey, conducted Oct. 16-20 via phone, consisted of 1,327 registered voters. It has a margin of error of 3.5 percentage points.

Since returning to office in January, the president has imposed sweeping tariffs on trading partners around the world, impacting a variety of industries. 

According to data from the United Nations Trade and Development (UNCTAD), the president had added 50 percent tariffs on imported iron, steel, aluminum and copper, with exceptions for U.K. iron, steel and aluminum — at 25 percent — and Russian aluminum — at 200 percent.

Trump has also imposed 50 percent levies on goods imported from India and Brazil and 30 percent levies on goods imported from China, according to the UNCTAD.

The tariffs, intended to boost domestic manufacturing, have heavily impacted American businesses and consumers. A Goldman Sachs analysis from earlier this month said that American consumers and businesses will shoulder 55 percent and 22 percent of the tariff costs this year, respectively. The report also projected that U.S. firms will pass on their costs to consumers in the coming months.

According to the Bureau of Labor Statistics, as of August, the civilian unemployment rate is 4.3 percent, while the 12-month inflation rate is 2.9 percent.