Two factors are weakening Trump’s wealthy base: report

19 July

U.S. President Donald Trump speaks to reporters onboard Air Force One en route to the NATO summit in The Hague, Netherlands, June 24, 2025. REUTERS/Brian Snyder

It’s not just general disapproval, says The Charlotte Observer. President Donald Trump is experiencing a decline in support among high-income Americans as well, according to new polling.

Trump’s poll numbers have fallen across many levels over the last month, but new surveys reveal his approval is dropping even among the top income brackets standing to prosper from his recently passed 2025 budget.

“New polling from The Economist/YouGov shows a drop in the president's approval among those earning over $100,000 — a shift that appears tied to economic unease and growing dissatisfaction with his policy agenda,” writes Charlotte Observer reporter Martha McHardy.

Wealthy voters are a core part of the Republican base, drawn by the party’s crusade for tax cuts and deregulation when they are in control of Congress. But now economic anxiety from Trump's unilateral tariff announcements and rising inflation appear to be causing a decline in support. A recent survey up until July 14 revealed a -10 drop, with just 44 percent approving and 54 percent disapproving.

Thomas Gift, founding director of the University College London Centre on U.S. Politics, told Newsweek this had plenty to do with Trump’s treatment of U.S. trading partners.

"Many wealthier voters are likely to be concerned about the potential impact of Trump's more populist and confrontational style on markets,” Gift said. “Trump's on-again, off-again tariffs are doing nothing to calm the nerves of investors, especially as markets whipsaw in response to statements he's made about the macroeconomy."

Approval of Trump’s handling of the economy also declined, with net approval on jobs and the economy falling from -3 in May to -9 in July among those earning over $100,000. His handling of inflation took a similar blow, with approval slipping from 43 percent in May to 41 percent in July, and disapproval rising to 58 percent.

The Charlotte Observer says disapproval may be extending beyond just the economy, however. Surveys show 66 percent of high-income voters believe the government has not disclosed all available evidence in the Epstein case, which reflects Newsweek's tracker revealing 54 percent of respondents disapproving of the president.

Read the full Charlotte Observer Report at this link.

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