According to the CNBC All-America Economic Survey, President Donald Trump's net approval rating on both the economy and his overall job performance has fallen to the lowest levels of his two terms, driven by surging gasoline prices resulting from the Iran war [1]. The survey, conducted among 1,000 people nationwide, found that only 40% approve of Trump's overall job performance, a five-point decrease from the previous quarter, while 58% disapprove, marking a six-point increase. This results in a net approval rating of -18, a ten-point drop and the lowest ever recorded for Trump during his presidency [1].
On economic matters specifically, Trump's net approval rating dropped to -21, with 39% approving and 60% disapproving, compared to 43% approval and 54% disapproval in the prior quarter. This represents a ten-point decline and the lowest economic net approval in any CNBC poll during Trump's terms. For comparison, President Biden's net approval on the economy was -22 when he left office in 2024, and had been lower at times [1].
The decline in approval was broad-based, with net approval among Democrats and independents hitting record lows. Notably, Republican support also weakened: approval among Republicans fell by 8 points to 77%, and among non-MAGA Republicans, support dropped by 19 points to 60%. MAGA voters, however, remain highly supportive, with 96% approval. Approval among independents and Latinos each fell by 9 points, and among white Americans without a college degree, it dropped by 7 points [1].
Micah Roberts, the Republican pollster for the survey, commented that while the five-point drop is not ideal, it is not especially troubling given the current environment of war, higher inflation, and surging gas prices. He emphasized that Trump still maintains strong support among the core Republican base, particularly MAGA voters. Roberts described the Iran war as an 'administration-defining' event for which Trump will be remembered [1].
CONCLUSION
President Trump's approval ratings on both the economy and overall job performance have reached historic lows, largely due to the Iran war and rising gasoline prices. The decline is widespread across key demographic groups, including Republicans, though MAGA voters remain loyal. The survey results suggest significant political and market uncertainty as the administration navigates these challenges.