Trump's 2024 Base Shrinks

President Donald Trump's net approval rating among Latino voters has fallen to negative 38, according to a new national survey. This marks a steep decline from the negative 22 recorded when his second term began.

The data, released by the CNBC All-America Economic Survey, indicates that the coalition which carried the president into the White House in 2024 is losing cohesion. Support is also eroding among younger voters and Black Americans, groups that provided unusual cross-party backing during the previous election cycle.

Among registered voters aged 18 to 34, Trump's net approval has dropped from negative 28 to negative 53. For Black respondents, the figure has shifted from negative 55 to negative 67. These declines are part of a broader trend where his overall net approval among all registered voters has fallen from negative 7 at the start of his term to negative 19 in the most recent polling.

The erosion of support extends into the Republican base. Net approval from self-described Trump voters has slid from a positive 85 in 2025 to a positive 65. In the South, a region traditionally favorable to the president, net approval has turned negative, moving from a positive 2 to a negative 20.

The survey was conducted from October 14 to October 18 and polled 1,000 registered voters nationwide. It carries a margin of error of plus or minus 3.1 percentage points. The study was co-led by Democratic pollster Hart Research Associates and Republican pollster Public Opinion Strategies.

Economic perceptions have driven much of the dissatisfaction. Trump's net economic approval rating plunged to negative 31 in the latest survey. This follows a 10-point drop to negative 21 in the first quarter of 2026. The current level of disapproval, at 65 percent, is the highest for any president measured by CNBC since the Obama administration.

The decline in economic optimism coincided with the launch of the Iran war and rising inflation concerns. By April 2026, the president's economic approval was at levels last seen during the pandemic aftermath under President Joe Biden. The survey notes that increasing disapproval is also linked to the handling of immigration, including high-profile incidents involving Immigration and Customs Enforcement officers.

Despite these drops, Republicans continue to show a preference for their party holding Congress. The survey found a 7-point preference for Democratic control of the House and Senate, a 3-point gain from July. However, 87 percent of Republicans prefer a Republican-controlled Congress, up from 85 percent in the summer.

Interest in the upcoming midterm election is 10 points lower among Republicans than among Democrats. This gap in enthusiasm could impact turnout in tight races. Blue-collar workers remain a key component of Trump's support, with overall presidential approval at a net positive 6, even as their economic approval has fallen 22 points since the start of the term.