Trump's economic approval tumbles 8 points among Republicans as cost-of-living anger spreads

Discontent with Donald Trump's economic policies is spreading even among his core Republican base, with the party's support for his economy and jobs agenda tumbling 8 percentage points in a single month. More than half of all registered voters say they are financially worse off since Trump took office, as high energy prices driven by the Iran war and tariff-fueled inflation squeeze household budgets. The economic cracks appearing within the MAGA movement come as Trump prepares to take a more prominent role ahead of the November midterm elections — a move that, according to new polling, could itself become a liability for Republican candidates.

A survey conducted by the Financial Times with polling firm Focal Data on Sunday (local time) put Trump's overall approval rating at 33 percent, the lowest since the poll began in May. That marks a 3-percentage-point drop from the previous month. Republican approval of Trump's overall performance also hit a survey low, at 72 percent.

Support for his economic and jobs policies showed a sharper slide. Only 53 percent of Republicans said they backed Trump's economy and jobs agenda, down roughly 8 percentage points from a month earlier. Among all registered voters, 57 percent said they were financially worse off under Trump — up 4 points from 53 percent the previous month. About two in three voters said the US economy was heading in the wrong direction.

A separate Reuters/Ipsos poll found similarly stark dissatisfaction over the cost of living. Some 71 percent of Americans gave Trump a negative rating on his handling of living costs, and even among Republicans, 40 percent expressed disapproval. Trump's overall approval in that survey also stood at 33 percent, matching the lowest point of his political career.

High oil prices and tariffs are widely cited as the main drivers of the discontent. Disruptions to global crude supply caused by the Iran war have pushed up US gasoline and diesel prices, and elevated energy costs are feeding through transportation, agriculture and manufacturing into broader consumer prices. In the FT poll, 56 percent of voters opposed Trump's decision to impose 50 percent tariffs on roughly $20 billion worth of Canadian goods. Opposition exceeded 60 percent among independent voters, and about a third of Republicans also said they were against the move.

The White House has pushed back against criticism of its economic record. A White House spokesperson told the Financial Times that while the administration acknowledged temporary disruptions from the Iran military operation, it remained committed to driving growth and easing the cost-of-living burden on working Americans through tax cuts, deregulation and expanded energy supply. The August jobs report was also cited as evidence that private-sector job creation and the rebuilding of US manufacturing were continuing.

The economic frustration is showing up at stores selling MAGA merchandise. Donald "Whitey" Taylor, 76, who runs Trump Town USA in Boones Mill, Virginia, built a thriving business selling Trump clothing and memorabilia, according to the Wall Street Journal. His store, housed in a converted church, saw daily sales exceed $15,000 at their peak in 2024 — the best year in his 11-year history. This year, however, daily sales have averaged around $1,500, a tenth of that peak.

Taylor attributed the drop to customers having less money to spend as gasoline prices rose because of the Iran war and inflation persisted. He recalled the days when hundreds of shoppers filled his store and lamented that current economic conditions were grim. The Journal reported that many retailers and suppliers focused on MAGA-related merchandise have seen sales decline, and some stores have closed altogether.

The drop in MAGA merchandise sales does not necessarily signal a broad political defection among Trump's supporters. Some of the decline reflects the natural fall-off in souvenir demand after an election cycle ends, and some stores are still posting solid results. Even so, the simultaneous slide in core supporters' approval of Trump's economic policies and their growing cost-of-living grievances is adding pressure on the Republican Party ahead of the midterms.

The concern is compounded by Trump's decision to take an even more prominent role in the November midterms despite his sagging approval numbers. The Republican National Committee is set to hold an unusual two-day midterm convention in Dallas, Texas, on Wednesday and Thursday, with Trump as the centerpiece in a bid to energize the base. Trump has also signaled he will hit the campaign trail in roughly 35 key districts to help Republicans defend their majorities in both chambers of Congress.

Yet polling suggests Trump's active involvement could backfire on Republican candidates. In the FT survey, 46 percent of voters said Trump was making it harder for Republican congressional candidates to win. Among independent voters, 47 percent said Trump's endorsement made them less likely to support a given candidate. In a generic party matchup, Democrats led Republicans by 7.5 percentage points, widening from a 5-point gap the previous month.

Democrats also held an edge in voter enthusiasm. In the Reuters/Ipsos poll, 46 percent of Democrats said they were highly motivated to vote in the November midterms, compared with 31 percent of Republicans — a 15-point gap. Among independent voters, 36 percent said they would vote Democratic, outpacing the 22 percent who said they would back Republicans.

The Republican Party finds itself in a bind: it needs Trump to mobilize its core base and drive turnout, yet his presence risks alienating the economically frustrated moderates it also needs to hold its majorities. If Trump's overall approval and economic ratings do not recover before the midterms, the party's ability to defend its control of both the House and the Senate could come under serious strain.