Rising gas prices linked to the Iran war are adding pressure to an already sour economic mood.
Trump's approval rating has fallen to its lowest-ever level in a new survey from media outlet The Argument, which polled 1,519 registered voters nationwide between March 12 and March 17, 2026, with a margin of error of plus or minus 2.7 percent.
In its latest national survey, just 40 percent of registered voters said they approved of Trump's performance, while 58 percent disapproved.
That produced a net approval rating of -18, the worst result for Trump in the history of The Argument's polling series.
While Trump has long been a polarizing figure, this moment marks uncharted territory because, according to the outlet, no previous Trump-era poll it has fielded -- across either presidency -- has produced numbers this negative.
The Argument's poll suggests the erosion is being driven overwhelmingly by economic dissatisfaction.
Large majorities of voters say prices continue to rise faster than wages, leaving households feeling squeezed despite campaign promises of relief.
Only 31 percent of respondents said their income is keeping up with the cost of living, while 65 percent said it is not.
More voters (36 percent) also reported being worse off financially than they were a year ago, with 24 percent saying they thought they were better off.
The Iran conflict appears to have compounded those concerns, triggering an oil shock that has pushed gas prices higher nationwide.
A White House official, however, previously told Newsweek that polling shows Trump's decision to launch Operation Epic Fury is backed by a plurality of Americans, with especially strong support among Republicans and MAGA voters, including younger Republican men.
According to The Argument's poll, Democrats now hold a +9 generic ballot advantage, a dramatic reversal from the 14‑point edge Republicans enjoyed on the economy during the Joe Biden years, and Trump is underwater on economic stewardship across every major demographic group -- including white non‑college voters, whom he won in 2024 by more than 20 points.
Taken together, the data suggest Trump is facing a different political reality than during his first term.
Then, strong economic sentiment often offset controversy elsewhere.
Now, economic dissatisfaction appears to be pulling his approval down across the board.
White House spokesman Davis Ingle told Newsweek in a previous emailed statement: "The ultimate poll was November 5, 2024, when nearly 80 million Americans overwhelmingly elected President Trump to deliver on his popular and common-sense agenda.
"The president has already made historic progress not only in America but around the world. It is not surprising that President Trump remains the most dominant figure in American politics."
A White House official previously told Newsweek: "Polling shows President Trump's decision to launch Operation Epic Fury has Americans' support -- with MAGA and Republicans strongly supporting it."
"Despite some online commentators with large followings publicly disagreeing with the president's decision -- and many legacy media outlets eagerly highlighting their comments to try and sow division -- the MAGA base is not wavering one bit. These commentators claiming this will somehow fracture the president's support are not backed by or reflected in the polling data."
President Donald Trump said: "When this is over, oil prices are going to go down very, very rapidly. So is inflation. So is everything else.
"But frankly, much more important than short-term or even long-term oil prices: You cannot let the most violent, vicious country in the last 50 years have a nuclear weapon because the Middle East will be gone. Israel will go first, without question, and they will certainly take a shot at us."
Responding to the Argument poll, Adam Carlson, founding partner of Zenith Polls, wrote on X: "Incredibly bleak numbers for Trump (and Republicans) 7.5 months before the midterms."
Speaking about independent voters, Brett Loyd, a polling and research specialist for the Independent Center, told Newsweek: "Independents are pragmatic when it comes to politics -- they're going to study an issue and decide for themselves, not just do what they're told. In that regard, this isn't just about a spike in inflation or a bad week at the border; it's a cumulative judgment on stability. When you focus on base-energizing stunts instead of boring, durable governance, you eventually lose the people who actually have to live with the fallout."
Attention now turns to how the administration responds as economic anxiety, foreign policy risks, and midterm pressure converge.
Upcoming inflation data, energy prices, and congressional maneuvering are likely to shape whether Trump's numbers stabilize -- or sink further.