Trump’s Approval Rating Slides Amid Economic Pressures, Echoed in Corporate and Poll Data

Since the start of his second term on January 20 2025, President Donald Trump’s national approval has slipped sharply. Silver Bulletin’s polling average fell from 49.9 % to 38.4 % over 20 months. The Economist’s YouGov tracker recorded a net approval of –25 points on September 15 2026 (35 % approve, 60 % disapprove). An NBC News poll in mid-September 2026 placed Trump at 41 % approval, with 55 % saying his policies have hurt the economy.

These declines coincide with economic pressures the administration introduced: the Iran war, tariffs on goods from more than 80 countries that took effect in July, and rising energy costs. Moody’s chief economist Mark Zandi estimates the war adds over $1,200 to a typical household’s annual budget; the Budget Lab at Yale puts the combined tariff impact at roughly $1,100 per household.

Newsweek

The Iran war pushed crude oil above $100 per barrel and gasoline past $4 per gallon, inflating transportation costs. Reinstated tariffs raised retail prices, and ground-beef hit $6.92 per pound by August, squeezing low-income consumers who form a large share of McDonald’s customers.

Newsweek

White House spokesman Davis Ingle framed the 2024 election result—nearly 80 million votes on November 5 2024—as the ultimate measure of support, saying the economic agenda “is still taking effect.” The White House highlighted job creation, inflation moderation, and housing-affordability initiatives.

Newsweek

McDonald’s leadership linked the sales slowdown to external cost pressures and a “botched value-menu rollout,” which the chief executive called a “bad trade” that led to the replacement of the head of its U.S. business during the August earnings call.

Newsweek

“Polls serve as a snapshot in time, not a crystal ball, and Newsweek’s attempt to cherry-pick data to manufacture Republican collapse is lazy spin,” — Natalie Baldassarre, RNC national press secretary

Newsweek

Polls differ: the Economist’s –25-point net rating contrasts with Newsweek’s 33 % approval and NBC News’s 41 % approval. Marquette’s September 2026 poll shows 37 % approval. The sources do not reconcile these differences, leaving uncertainty about the precise level of public support. McDonald’s cites both cost pressures and an internal menu misstep for its stock decline, creating a gap in attributing the primary driver.

Newsweek

Midterm elections are scheduled for November 2026. Both parties are monitoring approval trends as they finalize campaign strategies. Polling firms will continue tracking approval through the remainder of the year to see if economic grievances translate into electoral shifts.