Trump's approval rating hits a new low! Net support unexpectedly plummeted by 19%, with scandals surrounding Crypto Assets.

YouGov's latest poll shows that U.S. President Trump’s approval rating has fallen below the levels of his first term, with a net approval rating of -19%. According to the poll released on November 25, only 38% of respondents approve of Trump, while as many as 57% disapprove of his leadership. The survey indicates that senators are calling for an investigation into Trump’s World Liberty Financial for alleged connections with illegal actors in North Korea and Russia.

Net approval rating -19%: Trump faces trust crisis in second term

(Source: YouGov)

YouGov's latest poll reveals the severe challenges Trump faces in his second term. The net support rate is -19%, which is calculated by subtracting the opposition rate from the support rate (38% - 57% = -19%). A negative net support rate means that there are far more Americans opposing Trump than supporting him, and such a divergence in public opinion is extremely rare in the early stages of a presidential term.

Traditionally, U.S. presidents often enjoy a “honeymoon period” in the early stages of their administration, with approval ratings typically at a high point during their term. The public holds expectations for the new government and is willing to give time to fulfill campaign promises. However, Trump's situation is clearly different. His 38% approval rating is not only below the average level of his first term but also far below the initial approval ratings of most modern presidents. Biden's approval rating was about 55% when he took office in 2021, while Obama's was as high as 68% in 2009.

What is even more concerning is that the 57% disapproval rating indicates that more than half of Americans have a negative attitude toward Trump's leadership abilities. This high level of opposition means that Trump will face greater resistance in advancing his policy agenda. In the U.S. political system, the president needs a considerable degree of public support to govern effectively, and when the disapproval rating exceeds 50%, members of Congress will be more cautious in supporting presidential proposals, fearing that being tied to an unpopular president could damage them in the next election.

Surveys show that, given the impact of the trade war, Trump's approval rating regarding his handling of the economy has significantly declined. This represents the most devastating political damage, as economic performance is usually the primary criterion by which voters judge a president. Trump promised during his campaign to protect American industries and jobs through tariffs, but in practice, the tariffs have led to rising prices for imported goods, putting inflationary pressure on consumers, while exporters face losses from retaliatory tariffs. The consequences of this policy are translating into negative feedback from public opinion.

The Political Cost of 43 Days of Government Shutdown

One of the direct reasons for Trump's plummeting approval ratings is the 43-day government shutdown. This is the longest government shutdown in U.S. history, second only to the 35-day shutdown that occurred during Trump's first presidential term from 2018 to 2019. Notably, the two longest government shutdowns in U.S. history occurred during Trump's administration, and this record itself raises questions about his governing ability.

According to Kevin Hassett, director of the U.S. National Economic Council, an estimated 60,000 private-sector workers lost their jobs due to the government shutdown. This figure only accounts for direct impacts, while indirect effects are more widespread. During the government shutdown, hundreds of thousands of federal employees were forced to work without pay or take leave, national parks were closed, visa approvals were delayed, and the release of economic data was postponed, these chain reactions affected the lives of millions of Americans.

The fundamental reason for the government shutdown is the deadlock between Trump and Congress over the budget, particularly the disputes regarding funding for the border wall and cuts to government spending. Trump insists on significant cuts to federal spending and allocations for border security, while the Democrat-controlled House of Representatives rejects these demands. This confrontation has led to the federal government being unable to pass the budget and being forced to shut down non-essential departments.

From a political perspective, the government shutdown severely damaged Trump's image. Polls show that most Americans attribute the shutdown's responsibility to Trump rather than Congress. This public opinion judgment is reflected in the plummeting approval ratings. More importantly, the shutdown exposed the Trump administration's ability to cooperate with Congress, as even with the Republican majority in the Senate, Trump was still unable to effectively push his agenda, undermining voters' confidence in his governing ability.

Three Major Impacts of Government Shutdown

Job Loss: Approximately 60,000 private sector employees lost their jobs, and hundreds of thousands of federal employees are working without pay.

Economic Data Delay: Key data such as CPI and PPI are delayed in release, impacting market decisions.

Public Service Interruption: National parks closed, visa approvals delayed, social welfare distribution obstructed

World Liberty Financial cryptocurrency scandal intensifies

Another important factor for Trump's plummeting approval ratings is the controversy surrounding his cryptocurrency business. Just last week, Senator Elizabeth Warren (Democrat from Massachusetts) and Jack Reed (Democrat from Rhode Island) urged Attorney General Pam Bondi and Treasury Secretary Scott Bensent to investigate the connections between Trump's related cryptocurrency platform World Liberty Financial and illegal actors in North Korea and Russia.

According to a report by CNBC, two senators cited a report released by the nonprofit oversight organization Accountable.US in September 2025. The report states that “Trump family's cryptocurrency company sold tokens to dozens of suspicious buyers, who had connections with a large money laundering platform, an Iranian cryptocurrency exchange, and even North Korean hackers.”

A report by Accountable.US stated: “Ultimately, the question remains—why does the Trump family's cryptocurrency company accept funds from individuals with publicly known and obvious connections to America's enemies, as well as launder money from these enemies and other criminals?” Such allegations are extremely serious, as they involve national security and anti-money laundering regulations. If the investigation confirms these allegations, Trump may face severe legal and political consequences.

World Liberty Financial is a decentralized finance platform launched by the Trump family during his second term, which has generated profits of over $550 million through the sale of WLFI governance tokens and USD1 stablecoins. However, the platform's transparency has been under scrutiny. The anonymity of blockchain makes it difficult to trace the true identity of token buyers, facilitating money laundering and sanctions evasion. A report by Accountable.US, through on-chain analysis, found that some wallet addresses purchasing WLFI tokens had transaction records with known money laundering platforms or sanctioned entities.

Senators Warren and Reed's investigation demands that this issue be elevated to the congressional level. Warren has long been a critic of cryptocurrencies, believing that the crypto market is rife with fraud and money laundering, and requires stricter regulation. The Trump family's crypto business has become the perfect target for her attacks, involving both regulatory loopholes and the President's conflicts of interest.

This kind of controversy is directly reflected in polls as a lack of trust in Trump's leadership ability. When the president's family's business is suspected of having ties to hostile foreign actors, voters' confidence in his foreign policy and national security decisions will naturally waver. This crisis of trust may be more difficult to repair than policy missteps.

Significant decline in economic processing capacity evaluation

A survey shows that Trump's handling of the economy has seen a significant decline in approval ratings, which is a fatal blow for a president who prides himself on being a businessman. Trump promised during his campaign to bring about “the best economy ever,” but reality seems to be falling short. The rise in tariffs due to the trade war has driven up consumer goods prices, manufacturing has shrunk due to supply chain disruptions, and agricultural states have suffered severe losses due to export blockages.

More seriously, the tangible damage to the economy from the 43-day government shutdown is becoming apparent. The Congressional Budget Office (CBO) estimates that the shutdown resulted in a loss of about $11 billion to the US GDP. Although some losses will be recovered after the government reopens, about $3 billion of the losses are permanent. Ultimately, this economic loss will be borne by taxpayers, and the cause of the shutdown is merely the political struggle between Trump and Congress over the budget.

From the market response, it can be seen that during the shutdown period, the volatility of the US stock market intensified, consumer confidence index declined, and corporate investment decisions were postponed. These negative effects continue to impact the economy even after the shutdown ends. When businesses and consumers lose confidence in government stability, they tend to delay spending and investment, and this cautious attitude will weigh down economic growth.

During Trump's first term, he was praised by the business community for tax cuts and deregulation, as the U.S. economy was performing strongly and unemployment reached a record low. However, the policy combination in his second term—tariff protectionism coupled with fiscal tightening—is having the opposite effect. Economists generally believe that high tariffs will raise prices and reduce trade, while significant cuts to government spending will decrease overall demand. This policy combination is viewed in economics textbooks as the recipe for “stagflation.”

The Huge Contrast Between Crypto Promises and Scandals

Trump campaigned vigorously, promising to make the United States the “cryptocurrency capital of the world.” Since returning to the White House, his relationship with the cryptocurrency industry has been both scrutinized and praised. Trump has indeed fulfilled some of his promises: he fired SEC Chairman Gensler, who was skeptical of cryptocurrencies, appointed crypto-friendly officials to regulatory agencies, and signed an executive order to establish a national Bitcoin reserve.

However, these pro-crypto policies have raised serious doubts due to conflicts of interest with their family's crypto business. When the president promotes policies favorable to the crypto industry while his family simultaneously earns hundreds of millions of dollars in that industry, it is hard not to question the purity of the policy motives. The investigation requests by Senators Warren and Reid are precisely aimed at this conflict of interest, as they call on the Justice Department and the Treasury Department to thoroughly investigate the source of funds and counterparties of World Liberty Financial.

This controversy has also sparked divisions within the crypto community. Some crypto advocates welcome Trump's pro-crypto stance, believing it benefits industry development. However, there are also voices criticizing Trump for using presidential power to profit his family business, arguing that such behavior harms the reputation of cryptocurrencies and may trigger a backlash of stricter regulation.