US economic sentiment hits pandemic lows as blame shifts to Trump

Public confidence in the US economy has deteriorated to its lowest point since the years immediately following the pandemic, according to the CNBC All-America Economic Survey published on 17 July 2026. The survey indicates a sharp decline in economic sentiment, with respondents expressing deep pessimism about the nation's financial trajectory.

The data reveals a clear correlation between the worsening economic outlook and political accountability. Respondents are directing blame for the current economic climate at US President Donald Trump. This attribution of responsibility highlights a significant shift in public perception regarding the administration's handling of economic affairs.

The timing of the survey coincides with a period of heightened geopolitical activity. Earlier in the year, on 14 May 2026, President Trump attended a summit in Beijing with Chinese President Xi Jinping. The delegation included prominent technology executives such as Elon Musk, Tim Cook, and Jensen Huang, focusing discussions on trade, artificial intelligence, and security in the Strait of Hormuz.

Market reactions during the Beijing summit were initially positive, with the Dow Jones Industrial Average gaining 0.8%, the S&P 500 rising 0.3%, and the Nasdaq Composite climbing 0.2%. Nvidia shares also surged more than 2% following US approval of certain actions, suggesting that corporate and investor sentiment remained buoyant during diplomatic engagements.

However, the broader macroeconomic environment remains complex. Tensions in the Middle East continue to influence global stability, with Iran experiencing hyperinflation and military uncertainty, including an incident involving the shoot-down of a US helicopter. These international factors, combined with domestic political sentiment, contribute to the challenging economic landscape captured in the latest survey.