This past weekend, President Donald Trump announced 25% tariffs on goods from Canada and Mexico that would have gone into effect yesterday, Tuesday, February 4th. On Monday, the Dow Jones Industrial Average fell by over 600 points (1.4%) before rebounding after the President announced a 30-day pause on imposing tariffs on both countries.
These tariffs are controversial in all three countries involved. Just this weekend, former Republican Senate leader Mitch McConnell of Kentucky said on CBS’s 60 Minutes: “[Tariffs] will drive the cost of everything up. In other words, it’ll be paid for by American consumers. I mean, why would you want to get in a fight with your allies over this?”
In a recent Change Research national poll of 1,759 voters conducted from January 21st through 28th, a majority of voters concur with Senator McConnell. When asked about the impact on the U.S. economy of the President’s plan to impose tariffs, 49% say they will mostly hurt the economy while just 35% say they will mostly help. Three percent say they will have no impact on the U.S. economy and 12% are not sure. Eighty-eight percent of Democrats say they will hurt as do 54% of Independents.
Among Republicans, there is a divide between those who are very favorable towards the President (65% of Republicans) and the 35% who are either somewhat favorable, neutral, or unfavorable towards him: 81% of Republicans very favorable towards the president say that the tariffs will help the economy, while just 52% of other Republicans say that tariffs will mostly help the economy.
A majority (51%) of Americans believe that the tariffs will mostly hurt them as consumers, compared to 27% who say it will mostly help them. Six percent say it will have no impact and 16% are not sure.
Republicans are sharply divided on this question based on their view of President Trump. Sixty-six percent of those very favorable towards him say they will help consumers while just 3% say that tariffs will hurt them. Republicans who are not very favorable are more split. Thirty-seven percent say it will help consumers while 27% say it will hurt them. Democrats (88%) and Independents (60%) say that tariffs will mostly hurt consumers.
