US midterms – a reckoning for Trump

Midterm elections for Congress are scheduled for Tuesday in the U.S.

people___profile_24_outline
Bernd Weidensteiner, Dr. Christoph Balz

Commerzbank Economic Research

10/30/2026

Polls suggest significant losses for the Republicans. Presumably, not much would change in the second half of Trump’s term, provided the Republicans accept defeat.

Trump’s poll numbers are at rock-bottom levels, ...

Next Tuesday, Americans will elect a new Congress. All 435 seats in the House of Representatives and 35 of the 100 Senate seats are up for election. The Republicans, who currently hold a majority in both chambers, are heading into the Midterms with a serious handicap: President Trump’s approval ratings are extremely low. Most recently, only 38% of Americans said they were satisfied with his performance in office, while 60% were dissatisfied. With a net approval rating of -22%, Trump is currently faring even worse than his equally unpopular predecessor, Biden, who had a net approval rating of -11% at the same point in his term.

... because inflation has risen again, ...

The main reason for Trump’s low approval ratings is likely that he failed to keep his promise to lower prices starting on Day 1 of his administration. On the contrary: His policies—the imposition of tariffs and the war with Iran, which led to a spike in energy prices—have reignited inflation. Rising rents, food prices, and gas prices are therefore playing a prominent role in the election campaign. The Democrats are focusing on “affordability”—that is, the ability to make ends meet without financial hardship. Real hourly wages are currently lower than they were when Trump took office in January 2025 and even lower than they were at the start of the Biden administration nearly six years ago

For full text see attached PDF-Version.