As Donald Trump heads into his Joint Address, the economy is showing “red flags” of “a serious Trump recession” across the board: prices are up, manufacturing is down, and markets are tumbling. And the American people have had enough: Trump is now the least popular president in modern American history at this point in his term as majorities believe the country is headed in the wrong direction on his watch. 

As Donald Trump prepares to deliver his Joint Address, the economy is showing “red flags” across the board, with prices high, manufacturing down, and markets tanking under his watch. 

• GDP estimates for the first quarter of 2025 dropped to -2.8%, a “worrying” sign for the economy
• Financial markets “slump[ed]” and the Dow tumbled 650 points as Trump’s tariffs went into effect 
• US manufacturing has slowed down since Trump was sworn in, as prices rise and companies feel “the first operational shock[s]” of Trump’s national tax.
• Lumber prices have hit a high
• Ford saw sales dropped 8.9% and lower rental demand compared to a year ago 

The American people believe the state of the union is “not very strong” on Trump’s watch, with a negative view of how he’s handling the economy — and rising disapproval. 

• 53% of Americans say the state of the union is “not very strong or not strong at all” 
• 54% of adults believe the country is moving in the wrong direction 
• 62% feel that Trump hasn’t done enough to lower inflation 
• 57% of Americans think grocery prices will rise 
• 46% of Americans believe the economy is changing “for the worse”