President Trump's approval rating has dipped to a second-term low of around 35-40% in recent Silver Bulletin and Reuters/Ipsos polling averages as of mid-May 2026, reflecting trader consensus that the year's trough may test 35% amid economic headwinds. Surging gas prices to four-year highs, driven by the ongoing Iran war that began in March, have fueled inflation concerns and eroded support—even half of Republicans now blame him per recent surveys—while Pew data shows steady declines in personal trait assessments over the past month. With November 2026 midterms looming, historical precedents of presidential midterm losses tied to sub-45% approval heighten risks of further erosion from legislative gridlock or foreign policy escalations, though economic rebounds could stabilize sentiment before year-end resolution.