President Donald Trump’s approval rating has fallen to record lows for his second term in recent months, driven primarily by widespread public dissatisfaction with U.S. military involvement in the conflict with Iran and its effects on gasoline prices and broader cost-of-living pressures. Multiple surveys conducted in April and May 2026 show approval hovering between 34% and 40%, with particularly sharp declines among independents and even some erosion within Republican ranks on foreign policy and economic stewardship. As the November 2026 midterm elections approach, these trends shape trader assessments of whether ratings can rebound above current levels before year-end or remain suppressed by ongoing geopolitical and domestic economic developments.