Trump’s approval rating has declined steadily through 2026 to averages near 37-40 percent approve and net ratings around -20, with several recent surveys recording new lows near 32-33 percent. Primary drivers include sustained public dissatisfaction with the economy, inflation, and cost-of-living pressures, compounded by the ongoing conflict with Iran that has raised fuel and borrowing costs. Trader assessments of the market’s low point reflect these trends alongside Republican support erosion, tariff-related backlash, and the approach of November midterms that could amplify or mitigate further drops depending on economic data, conflict developments, or legislative outcomes. Historical comparisons show the current trajectory among the weakest for a second-term president at this stage.