President Donald Trump forged an extraordinary coalition to win office in 2024, stitching together his base with unusual support from some traditional Democratic groups like Hispanics and young people. It was enough to sweep the battleground states and catapult him into office for a second term.

The latest CNBC All-America Economic Survey shows that coalition is now seriously weakened.

Since the beginning of his second term, the president's net approval rating among Latino voters has dropped from -22 to -38, and declined from -28 to -53 among 18- to 34-year olds. Black respondents have moved from -55 to -67.

Among all registered voters, his approval has fallen from -7 at the start of his term to -19 in the most recent survey.

The decline in the president's approval carries over into the Republican base. Approval from self-described Trump voters has fallen from a net +85 in 2025 to a net of +65.…