A CNBC All-America Economic Survey indicates that 40% of Americans approve of President Donald Trump's overall job performance. Influenced by surging gasoline prices linked to the Iran conflict, Trump's net approval rating dropped by 10 percentage points to -18%, marking the lowest level recorded during his two terms. His net approval rating on economic issues also fell to -21%, the poorest showing of his presidency.

The latest CNBC survey reveals a significant decline in both the overall and economic approval ratings of U.S. President Donald Trump, a direct consequence of widespread public dissatisfaction with the Iran war, high fuel costs, and negative economic perceptions. The survey, which polled 1,000 individuals across the nation, found that 40% of respondents approve of the President's performance, a decrease of 5 points from the previous quarter, while 58% disapprove, an increase of 6 points. This resulted in a net approval drop of 10 points to -18%, the lowest figure recorded throughout his two terms. With a margin of error of ±3.1%, this represents the most severe decline in the President's net approval since public discontent with his pandemic response in 2020.

Net approval ratings among Democrats and independent voters also reached record lows, but the decline was particularly pronounced among Republican voters: it fell by 17 points to its lowest level since 2017, with disapproval rising 9 points and approval dropping 8 points to 82%. While "Make America Great Again" (MAGA) voters continued to strongly back the President with 96% approval, support among non-MAGA Republicans plummeted by 19 points to 60%.

Micah Roberts, a partner at Public Opinion Strategies, the Republican polling firm for the survey, stated that these figures were not particularly alarming to him. He noted that, given the context of war, high inflation, and spiking oil prices, a 5-point drop in approval does not constitute a major swing.

"A 5-point drop is certainly not positive, but... he still energizes and retains the strong support of 60% of Republicans," Roberts said, referring to the MAGA faction within the party. "The current situation is highly tense with major events unfolding, yet the fluctuation in his core support base does not appear proportionally magnified." Roberts described the Iran conflict as a "defining event for this administration," one for which the President will be permanently remembered.

**Sharp Decline in Economic Approval** On economic matters, Trump's approval rating deteriorated sharply, with approve/disapprove figures at 39%/60%, compared to 43%/54% last quarter. The net difference of -21% represents a 10-point drop from the previous quarter and is the lowest economic approval rating for Trump recorded in CNBC surveys during his two terms. For context, however, President Biden's net economic approval rating in a late-2024 CNBC survey was -22%, which was lower.

Trump's economic approval saw significant deterioration among key voter demographics: it fell by 9 points each among independent voters and Latino voters, and by 7 points among white voters without a college degree. Republican economic approval dropped by 8 points but remained high at 77%.

The decline was concentrated among non-MAGA Republicans, whose support fell from 69% last quarter to 55%; MAGA voter support stood at 92%, down only 3 points. This indicates that, despite some prominent MAGA supporters expressing disagreement with the President over the Iran war, his core base continues to strongly support him on economic issues.

A particularly concerning signal for the President and Republicans heading into the midterm elections is the sharp drop in both overall and economic approval within congressional districts controlled by Republicans. Overall approval in these districts fell by 11 points to 43%.

Jay Campbell, a partner at Hart Research Associates, the Democratic polling firm for the survey, believes it will be difficult for the President's ratings to recover in time to aid Republicans in the midterms.

"It's hard to imagine any policy being introduced and implemented between now and Election Day that would have a tangible impact on Americans, leading them to say, 'Actually, this guy is doing a decent job on the economy,'" Campbell said.

Americans prefer Democratic control of Congress by a 4-point margin, unchanged from the last survey; public perception of the Democratic Party remains low, with 52% holding a negative view and 26% positive. This ratio is significantly influenced by Democrats' own negative assessments of their party—following recent electoral losses, dissatisfaction within the party is high. While Democrats are still likely to vote for their party, this raises questions about whether the President's difficulties will automatically translate into an overwhelming Democratic victory.

"Democrats cannot assume that the worse Trump does, the better they will do, nor can they simply pin all problems on him and the Republican Congress," Campbell stated.

Public perception of the Republican Party is slightly better: 35% positive versus 52% negative, largely driven by 76% approval among Republicans themselves. This survey marks the fourth consecutive poll showing the Republican Party's public image as superior to that of the Democrats.

**Views on the Iran Conflict** Regarding the Iran conflict, Americans overwhelmingly disapprove of Trump's handling of the military action. A plurality of 48% stated they "feel less safe" because of the war with Iran, while 30% feel safer. Opinions are divided along party lines: 78% of Democrats feel less safe, whereas 60% of Republicans feel safer; independent voters align more closely with Democrats, with 58% stating they feel less safe. Over one-fifth of Americans had no opinion or said it had no effect, suggesting approval could fluctuate based on the war's outcome.

Currently, a majority of Americans, when asked about economic costs, gasoline price increases, regime change in Iran, and casualty numbers, believe the war with Iran is "not worth it." For example, 64% said that when considering the nation's overall economic cost or rising oil prices, the war is not justified.

Key voter blocs crucial for the 2024 presidential election—Latinos, young men, and independent voters—all strongly oppose the Iran war; white voters without a college degree are divided. However, by a margin of 53% to 44%, Americans believe the war is justified to disrupt Iran's nuclear weapons development program.

A majority of Americans report having already cut back on non-essential spending due to higher gas prices and plan to reduce travel. Overall, nearly 80% have taken measures in response to high fuel costs, including increased credit card usage and even reducing essential expenditures.

Majorities also disapprove of Trump's handling of inflation and tariffs, with both measures worsening since the last survey. His approach to deporting illegal immigrants receives slightly negative ratings, but his policy on southern border security garners majority support at 51% to 46%—the only issue among those polled where his approval rating is positive.