Most Americans say Trump focuses too much on tariffs, survey shows

The stock market rallied during President Trump's first six months in office this year, despite a volatility spike in April, but a new poll shows Main Street doesn't feel the same optimism.Why it matters: While investors are pricing in a post-tariff rebound, the general public are still concerned about economic issues like inflation, a reminder that the stock market is not the economy.By the numbers: Despite a volatile April off the back of tariff news, the S&P 500 is up 7% year to date, outpacing the historical average.Meanwhile, 70% of respondents said the administration isn't focusing enough on lowering prices in a CBS News/YouGov poll released Sunday.The administration is focusing too much on tariffs, according to 61% of those surveyed, and 60% said they oppose the use of tariffs entirely.What they're saying: "The broader economy is slowing" and "capital markets are comfortable with the idea of a slowdown," Eric Freedman, the chief investment officer at U.S. Bank Asset Management, told Axios.Markets are forecasting a "bounce back" once tariff discussions are in the rearview mirror, meaning investors aren't too concerned about near-term weakness, he said.Between the lines: Looked at this way, it's not that investors necessarily disagree with voters about the state of the economy.Traders are just pricing in the rebound, while constituents are worried about their financial lives before that rebound kicks in.Yes, but: While voters may not feel great about the economy, their spending patterns indicate otherwise.Retail sales jumped more than expected last month, and big banks largely reported increased card spending during the second quarter.GDP growth, driven mainly by consumer spending, is estimated to come in above 2% for the quarter, per the Federal Reserve Bank of Atlanta.Be smart: "There's a lot of divergence within consumers," said Freedman, who monitors middle-income consumer behavior for a better sense of the economic path forward.High stock prices are fueling spending for higher-income consumers, he said, in a phenomenon known as the wealth effect.If increased spending is coming from largely higher-income folks, that could be clouding the broader economic picture.The bottom line: If stocks are up, that doesn't necessarily mean investors think the economy is in great shape.It typically means they believe the underlying assets represented by stocks should be worth more. That view can be shaped by a variety of factors outside of economic performance.

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Epstein lawyer says Ghislaine Maxwell knows ‘everything’ and should get immunity to testify to Congress

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Epstein lawyer says Ghislaine Maxwell knows ‘everything’ and should get immunity to testify to Congress

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