Trump's approval rating with the rich is crashing and that's bad news for the GOP: report

Likely mirroring unhappiness among American consumers who are already being impacted by Donald Trump’s unnecessary trade war, which has set off battles over tariffs, wealthy Americans who are supposed to make out better under the president’s recently signed megabill are instead giving him low marks.

According to a report from Newsweek, following his return to the Oval Office after four years in the wilderness, Trump sat at + 6 with 49 percent approving of his job performance among those polled earning yearly incomes of more than $100,000.

Since that time it has been nothing but bad news for the president who was underwater with that demographic by -10 percent in July before taking a stunning dip to -16 percent in August.

According to Newsweek’s Kate Plummer, Republicans running for re-election in the 2026 midterms may end up being collateral damage, taking the brunt of the blame for Trump, who will not be on the ballot, yet looming over every voter.

According to Thomas Gift of the University College London Centre on U.S. Politics, "Many wealthier voters are likely to be concerned about the potential impact of Trump's more populist and confrontational style on markets. Trump's on-again, off-again tariffs are doing nothing to calm the nerves of investors, especially as markets whipsaw in response to statements he's made about the macroeconomy."

Newsweek’s Plummer added that Trump’s “Liberation Day” announcement appears to have been a turniunbg point with that voters, writing, “in April, the net approval rating fell to -14 percentage points with 43 percent approving and 57 percent disapproving. At the time, stocks had plunged after Trump announced his ‘Liberation Day’ tariffs.”

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