Is Trump at a crossroads?

Deep dissatisfaction among American voters with Trump’s economic management has become a central weakness for his administration following his return in 2024, challenging confidence on Wall Street. A joint YouGov/CBS News poll (November 19–21, 2025) presents a worrying picture of public perception that contrasts with the official White House narrative and raises a key question for investors: Will mounting public pressure force Trump to moderate his hardline trade policies?

November 2025 data show consumer confidence has eroded sharply. Only 32% of Americans rate the overall economy as “good,” a 6% drop from January of the same year. More importantly, 64% of respondents disapprove of Trump’s economic policies—the lowest level recorded since the start of his second term.

The main driver of this disapproval is public perception of inflation: 77% believe Trump is “not doing enough” to curb inflation and improve the economy. This sense of helplessness is linked to rising everyday costs, with 65% saying tariffs and domestic subsidies have directly increased food prices. This perception will form the cornerstone of Democratic arguments heading into the 2026 midterms.

The centerpiece of Trump’s economic policy has been heavy tariffs to protect domestic industries and repatriate supply chains. While targeted, the public perceives the costs (higher consumer prices) as outweighing the benefits (support for domestic production). Wall Street, long reliant on stability and predictability, now faces risks stemming from widespread public dissatisfaction. Two main scenarios lie ahead for the administration:

Maintaining the tariff strategy: Insisting on tariffs could prolong trade tensions and market volatility, as political-economic uncertainty rises and consumer confidence declines further.

Policy adjustment: Yielding to public pressure by reducing tariffs that directly impact consumer prices could trigger a short-term stock market rally and reduce electoral risks. However, this would be seen as retreating from his core ideology, potentially creating internal tensions within the administration.

Ultimately, market sentiment and public opinion indicate that the economy is no longer an electoral advantage for Trump; it has become a vulnerability for opponents to exploit. How he manages the gap between the White House narrative and household economic realities will shape economic policymaking in the year leading up to the 2026 midterms.