In his year-end address from the White House’s Diplomatic Reception Room, President Donald Trump showcased his administration’s economic achievements amid rising public concerns about inflation and the upcoming midterm elections. In an 18-minute speech, he attributed ongoing issues like inflation, crime, and immigration to the previous administration, frequently referencing former President Joe Biden.
Trump highlighted successes such as the creation of 2.4 million jobs and historic tax cuts. He announced plans for new housing policies, the nomination of a new Federal Reserve chair, and a proposal to send $1,776 checks to U.S. troops. While the focus was primarily on domestic economic issues, there was little mention of foreign policy despite growing tensions with Venezuela.
However, public opinion indicates a decline in support for Trump’s economic performance. A recent AP-NORC poll revealed that approval ratings had fallen to 31%, the lowest of his presidency. Among Republicans, support dropped from 78% to 69%. Overall approval of his job performance decreased from 42% to 36%, suggesting persistent but wavering backing.
Economists have raised worries about the administration’s trade policies, noting a significant hit to consumer sentiment in March 2025 due to aggressive tariff policies. The University of Michigan reported a 10.5% monthly drop and a 27.1% year-over-year decline in consumer confidence, with inflation expectations increasing sharply to 3.9%, the largest rise since 1993. Experts caution that continued declines in consumer sentiment could adversely affect spending and lead the economy towards a downturn.
Despite these challenges, Trump’s administration remains committed to its economic agenda, aiming to address public concerns with proposed policies and initiatives.
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