President Donald Trump’s approval rating has trended downward through 2026 amid sustained voter concerns over inflation, the cost of living, and his handling of the economy and the Iran conflict. Multiple polls from spring through late July placed overall approval in the low-to-mid 30s, with notable erosion among independents and some Republican subgroups. Primary drivers include perceptions of tariff impacts, persistent price pressures, and foreign policy developments that have reduced support even within his base. The November 2026 midterm elections, ongoing legislative negotiations, and any shifts in economic indicators or Middle East diplomacy represent the main near-term variables that could produce short-term movements in ratings before year-end. Trader assessments of the annual high reflect these structural pressures alongside historical patterns of limited recovery during midterm cycles.