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Macro Score 52 Bearish

Trump Economic and Overall Approval Ratings Hit Record Lows Amid Iran Conflict

Apr 23, 2026 10:48 UTC
CL=F, SPY, DIA
Medium term

A new CNBC survey reveals a sharp decline in President Trump's approval ratings, driven by dissatisfaction with the war in Iran and rising energy costs. The president's net economic approval has fallen to its lowest point across both of his terms.

  • Net overall approval fell to -18, the lowest of Trump's two terms
  • Economic approval plummeted to 39% due to inflation and gas prices
  • Non-MAGA Republican support dropped 19 points to 60%
  • Approval in GOP-held congressional districts fell 11 points to 43%
  • MAGA core remains resilient with 96% overall approval

President Donald Trump's public standing has seen a significant downturn, with both overall and economic approval ratings plunging to record lows according to the latest CNBC All-America Economic Survey. The survey of 1,000 adults indicates a growing rift in support, particularly among independent voters and non-MAGA Republicans. The decline is attributed to a combination of widespread dissatisfaction with the ongoing conflict with Iran, surging gasoline prices, and a generally negative perception of the domestic economy. The Iran war is described by analysts as an 'administration-defining' event that is heavily weighing on public sentiment. Quantitatively, overall approval dropped five points to 40%, while disapproval rose to 58%, resulting in a net approval of -18. Economic approval saw a more severe hit, falling to 39% from 43% in the previous quarter, creating a net margin of -21. This represents the lowest net economic approval recorded in any CNBC poll during the president's two terms. While core MAGA supporters remain steadfast—maintaining 96% overall approval—the erosion of support is evident elsewhere. Approval among independents and Latinos each fell by 9 points, and support among white Americans without a college degree dropped by 7 points. The data suggests potential headwinds for the Republican party heading into mid-term elections. Overall approval in GOP-held congressional districts declined by 11 points to 43%, leading some analysts to suggest that a recovery in these numbers before election day is unlikely given the current economic and geopolitical climate.

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