President Donald Trump is facing a new political challenge less than two months before the midterm elections, as a national poll shows his approval rating falling to its lowest level yet in the Financial Times’ current polling series.
The Financial Times/Focaldata survey found Trump’s job approval at just 33%, down three percentage points from the previous month.
That is the lowest number recorded since the Financial Times began tracking the question in May — and the poll indicates growing frustration over the economy, household finances, fuel prices and trade.
Perhaps more concerning for Republicans, some of that dissatisfaction is now showing up among Trump’s own supporters.
Trump’s Support Slips Among Republicans
Trump remains overwhelmingly more popular with Republicans than with the electorate overall, but his numbers within the GOP have weakened.
His approval among Republican voters dropped more than two points to 72%, according to the survey, marking another low in the Financial Times’ polling series.
The decline was even larger when Republicans were asked about the economy.
Only 53% of GOP voters approved of Trump’s handling of jobs and the economy, a drop of nearly eight percentage points from the previous month.
Those numbers arrive at a critical moment for Republicans as candidates across the country enter the final stretch of the 2026 midterm campaign.
Americans Growing More Worried About Economy
Economic concerns appear to be a major source of Trump’s political difficulties.
Nearly two-thirds of registered voters surveyed said they believe the U.S. economy is moving in the wrong direction.
Even more striking, 57% said they were financially worse off under Trump. That was up from 53% just one month earlier.
For millions of Americans dealing with grocery bills, utilities, housing expenses, insurance premiums and transportation costs, perceptions of the economy are often shaped by what happens to the family budget every month.
And one particularly visible expense remains difficult to ignore: fuel.
Gas and Diesel Prices Hit American Households
Energy costs remain another potential problem for the White House.
The national average price for regular gasoline is currently above $4 per gallon, according to AAA, while diesel prices have climbed substantially higher.
Diesel costs are particularly important because diesel powers much of America’s trucking, farming and industrial economy.
When diesel becomes more expensive, the impact can extend well beyond the gas station. Higher transportation expenses can eventually affect the cost of moving food, equipment and consumer goods across the country.
The Trump administration has promoted increased American energy production as part of its economic agenda. But continuing international instability has complicated the energy picture.
Recent volatility surrounding the Strait of Hormuz has contributed to pressure on crude oil and fuel markets.
For voters focused on household expenses, what happens to prices between now and Election Day could remain an important political issue.
Trump’s Canada Tariffs Face Voter Resistance
The new poll also points to dissatisfaction with Trump’s trade policies.
Fifty-six percent of registered voters surveyed said they disapproved of Trump’s 50% tariff on roughly $20 billion in Canadian goods.
Opposition extended beyond Democratic voters.
More than 60% of independents opposed the tariffs, while nearly one-third of Republicans also disapproved.
Canada has responded by imposing tariffs of up to 50% on certain American imports, escalating a trade dispute between two countries with deeply interconnected economies.
Trump and his allies have long argued that tariffs can protect American industries, encourage domestic manufacturing and provide leverage against foreign governments.
Critics counter that tariffs and retaliatory measures can increase costs for businesses and consumers.
That debate is becoming increasingly important as economic issues move to the center of the midterm campaign.
Independents Could Present Another Challenge
The poll contains another warning sign for Republicans: independent voters.
Forty-six percent of registered voters said Trump’s involvement was making it more difficult for Republican congressional candidates to win in November.
Among independents, more than half expressed that view.
Another 47% of independent voters said a Trump endorsement would make them less likely to support a candidate.
Those findings don’t determine what will happen in individual House or Senate races, but they illustrate the challenge Republicans face as they attempt to energize their political base while competing for voters who aren’t firmly aligned with either party.
Democrats Gain on Congressional Ballot
The Financial Times/Focaldata poll also found movement in the generic congressional ballot.
Democrats held a 7.5-percentage-point advantage over Republicans when voters were asked which party they would support for Congress.
That was an increase from a five-point Democratic advantage one month earlier.
The generic ballot measures nationwide party preference rather than individual congressional contests. Actual races can vary significantly depending on candidates, districts and local political conditions.
Still, national party preference is closely watched as Republicans and Democrats compete for control of Congress.
Republicans Prepare for Major Midterm Push
The polling arrives as the Republican National Committee prepares for an unusual two-day midterm convention in Dallas, with Trump expected to take center stage.
Republicans are also preparing to spend heavily during the closing weeks of the campaign.
MAGA Inc., the pro-Trump super PAC sitting on a massive political war chest, disclosed $10 million in advertising spending to support Texas Attorney General Ken Paxton, the Republican Senate nominee, in his race against Democratic state Rep. James Talarico.
The spending demonstrates that Trump’s political operation still possesses substantial financial resources heading into November.
White House Defends Trump’s Economic Record
The White House is pushing back against the negative economic picture reflected in the poll.
A White House spokesperson told the Financial Times that the administration remains committed to an economic agenda centered on tax cuts, deregulation and increased energy production.
The administration also pointed to recent private-sector job growth as evidence that the underlying economy remains resilient.
Trump’s supporters have argued that his economic policies need more time to produce their full effect and that international conflicts and other global pressures have contributed to higher prices.
The latest polling, however, suggests the administration faces a challenge in convincing Americans that their own financial circumstances are improving.
Economy Could Remain Central Issue Before Midterms
With Election Day approaching, Republicans now face the task of making their economic case to voters while Democrats attempt to capitalize on dissatisfaction over prices and household finances.
Trump remains the dominant figure in the Republican Party and will be highly visible throughout the final weeks of the campaign.
But the Financial Times/Focaldata survey suggests voters will be paying close attention to something much closer to home: their wallets.
Gas prices, grocery bills, jobs, wages, tariffs and the overall cost of living could all influence how Americans view the direction of the country heading into November.
The Financial Times/Focaldata survey questioned 1,914 registered voters online between August 28 and September 1.
The poll’s overall margin of sampling error was plus or minus 2.6 percentage points. Margins of error for individual subgroups, including Republicans and independents, were larger.