President Trump's approval rating fell to a new second-term low in polling released Monday.Why it matters: Economic discontent drove Trump's re-election, but his failure to temper inflation and the fallout of the Iran war have turned voters against him.About 37% of voters approve of Trump's job performance, per a New York Times/Siena poll released Monday, down 3% from the last poll conducted in January.While Republicans still broadly back the president, 69% of independents — a core voting block the GOP will have to capture to maintain control of the House in November — disapprove of Trump, up from 62% in January.Driving the news: Roughly 64% of voters disapprove of Trump's handling of the economy, and 69% disapprove of how the president is managing issues over cost-of-living, per the NYT.That tracks with a Sunday poll from CBS News, where 65% say Trump's policies are making the economy worse in the short term. And among Republicans, 37% now disapprove of the president's handling of inflation, up 11 points since March.Flashback: When Trump returned to the White House in January 2025, 50% of Americans somewhat or strongly approved of his handling of the economy, per strategic research firm Echelon Insights.By Liberation Day — when Trump imposed global tariffs in April 2025— only 40% of Americans approved of his handling of the economy in a Quinnipiac University poll. The other side: Democrats aren't faring much better. Around 44% of Democratic voters say they aren't satisfied with their party, while just 26% are, per the NYT.Only 23% of Republicans say the same about the GOP.Still, 35% of Americans say Democrats have a better approach to the economy, compared to 31% who think Republicans have the edge, according to CBS.Between the lines: Polling trends show that Trump is paying the price for the Iran war.Sixty-five percent of voters disapprove of how Trump is handling the war, and fewer than a quarter say the conflict has been worth its $29 billion (and counting) price tag, per the NYT. And 64% of Americans say going to war with Iran was the wrong decision, including 73% of independents. In CBS's poll, 69% said they don't understand what's happening with the Straight of Hormuz, and 59% say higher gas prices have caused financial hardship, up 8% from April.What they're saying: "While the President has been clear about short-term disruptions as a result of Operation Epic Fury, the Administration is focused on implementing the proven Trump agenda of tax cuts, deregulation, and energy abundance to keep America on a solid economic trajectory," White House spokesperson Olivia Wales told Axios in an emailed statement."The President does not make these incredibly important national security decisions based on fluid opinion polls, but on the best interest of the American people."Go deeper: Personal finance-economy sentiment gap widens: Fed surveyEditor's note: This story has been updated with additional reporting throughout.