Donald Trump’s approval rating has fallen to its lowest level yet in a new poll, with voters increasingly sour on the economy, the cost of living and the president’s trade policies just weeks before the midterm elections.
A Financial Times poll conducted by Focaldata found that just 33% of registered voters approve of Trump’s performance as president. That is the lowest figure recorded since the newspaper began asking the question in May and three points lower than last month.
The biggest problem appears to be the economy.
Nearly two-thirds of voters said they believe the economy is heading in the wrong direction, while 57% said they are financially worse off under Trump.
Trump’s trade policies are also taking a hit. Only 53% of Republican voters approved of his handling of jobs and the economy, an almost eight-point drop from the previous month.
That economic frustration is arriving at a particularly awkward time for the White House.
U.S. diesel prices hit an all-time high of $5.85 a gallon on Friday, according to AAA, adding pressure to businesses and consumers across the country. Diesel is the backbone of much of the nation’s freight, agriculture and delivery system, meaning higher fuel costs can eventually work their way into the prices of everyday goods.
The surge comes as the war between the United States and Iran continues to disrupt global energy markets.
Trump, however, has continued to downplay the conflict.
On Friday, he rejected the characterization of the fighting as a full-scale war, calling it a “military conflict” and saying, “It’s small potatoes for us.”
Trump also dismissed concerns about the strategic importance of the Strait of Hormuz, arguing that new pipelines, shipping routes and overland transportation would eventually reduce the waterway’s importance.
“The Hormuz Strait is not what it used to be,” Trump said.
But the fuel market is telling a different story.
The Strait of Hormuz remains a critical route for global energy supplies, and disruptions linked to the conflict have contributed to higher oil and fuel prices. Brent crude climbed sharply last week as fighting and shipping disruptions continued.
And the political numbers aren’t getting any easier for Republicans.
A separate set of Gallup data shows that 31% of U.S. adults identified as Democrats in the second quarter of 2026, compared with 25% who identified as Republicans. That six-point gap is the largest Democratic advantage in party identification in more than a decade. When independents who lean toward either party are included, Democrats hold a 49%-39% advantage.
None of those numbers determine what will happen in November. But they show a political environment in which economic anxiety, high fuel prices and dissatisfaction with Trump are colliding just as voters prepare to decide who will control Congress.
And for Trump, the timing could hardly be more consequential.
