Trump's approval has fallen to the lowest point of his presidency, and the economy is now his weakest issue — bad news for Republicans heading into the midterms.

• Overall approval sits around 33%, with independents at just 26%.
• Voters now trust Democrats more than Republicans to run the economy, a reversal from his first term.
• Approval on jobs, the economy, and the Iran war has swung sharply negative — the economy alone dropped more than 40 points versus the same stage of his first term.
• Allies are turning cold: Canada walked away from a trade deal after being compared to a yappy dog by the Treasury secretary, and coverage in Asia and Europe openly mocks the White House.
• Companies and the government are borrowing at the same time on a huge scale, which is likely to push long-term bond yields higher.

Outlook: Approval could slip below 30% as the economy, the Iran blockade, and the Ukraine talks all stay unresolved.