President Trump's approval rating is stuck at the lowest point of his second term, with a new Reuters/Ipsos poll finding just 33% of Americans approve of how he's handling the job — the third consecutive survey to land at that mark.

The poll, which concluded Monday, found 63% of respondents disapprove of Trump's performance overall. The steepest damage came on the economy: 71% of Americans, including roughly four in 10 Republicans, disapprove of his handling of the cost of living. For the past month, registered voters in the survey have said the Democratic Party has better ideas on the economy than Republicans do — the first time Democrats have led on that question in about a decade, according to Reuters.

Independents, a bloc both parties need heading into next year's midterms, approve of Trump's performance at just 34%. Pollsters noted that figure sits below where independent approval stood ahead of the 2018 midterms, when Democrats flipped 41 House seats.

Iran war and prices drag the numbers down together

Reuters and Ipsos tied the slide directly to two compounding pressures: the ongoing U.S. conflict with Iran and rising prices at the pump and grocery store. Roughly 80% of independents surveyed said they expect the Middle East conflict to drag on for a long time, reflecting broad skepticism that the fighting will end soon enough to ease gas prices before voters head to the polls.

THE THIRD STRAIGHT REUTERS/IPSOS POLL TO FIND TRUMP'S APPROVAL STUCK AT 33%

The survey included more than 1,100 respondents nationwide with a margin of error of about 3 percentage points, per U.S. News' report on the findings. It also found Democratic voters expressing notably higher enthusiasm about the midterms than Republicans, a gap that, if it holds, could shape turnout in competitive districts next fall.

The White House has not directly addressed the latest numbers, though administration officials have previously dismissed unfavorable polling as disconnected from what they describe as strong underlying economic fundamentals. Republican strategists, however, have grown increasingly vocal in private about the risk that a prolonged Iran conflict and elevated prices could combine to erase the party's advantages heading into 2026's midterm races, according to The Hill's coverage of the survey.

Reuters/Ipsos plans to field its next national tracking poll in the coming weeks, which will show whether Trump's numbers have found a floor at 33% or continue sliding as the midterm campaign intensifies.