The public was practically giddy with hope that the economy would improve and Wall Street would jump as President Donald Trump took office and before he announced new world trade sanctions that tanked the market on Monday.

In a new survey on Monday, Gallup said expectations for economic growth were at a seven-year high and a record high for stocks.

“Americans’ current outlook on the stock market is the most optimistic Gallup has recorded, while the percentages expecting interest rates, unemployment, and inflation to worsen are among the lowest,” said a hopeful Gallup analysis of the survey taken shortly before Trump took office.

Since then, however, Trump has pushed for sweeping trade tariffs on China and America’s best trading partners, which some see as an inflation-boosting threat to the economy. On Monday, stock futures plummeted.

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Gallup noted that many of those polled apparently remembered that Trump’s first-term economy was good, and good to them, before the COVID-19 crisis hit.

In giving its “bottom line” analysis, the polling outfit said, “Americans are generally hopeful about the economy in the next six months. Part of this optimism stems from Republicans expecting things to improve under a Republican rather than a Democratic president. But the broader improvements in Americans’ outlook may also reflect their confidence in Trump’s ability to handle the economy. During his first term, he received some of his strongest issue approval ratings on the economy, which were typically higher than those Biden received on the issue during his term.”