Americans now trust Democrats more than Republicans to handle the economy for the first time in nearly a decade, according to a new Reuters/Ipsos poll that also found President Donald Trump's approval rating has slipped to 35%.

The survey, conducted from Wednesday through Monday, suggests Trump's handling of the economy could become a major issue heading into November's midterm elections, when control of Congress will be at stake.

Trump's approval rating fell from 37% in last month's Reuters/Ipsos poll to 35%, just one point above the lowest level of his current term.

Asked which party would do a better job managing the economy, 37% of registered voters chose Democrats, compared with 36% who backed Republicans. Another 27% said they were unsure or preferred another party.

Republicans had held the advantage on the economy through most of Trump's first term, President Joe Biden's presidency and the early months of Trump's current term. While a Reuters/Ipsos poll in 2017 also showed Democrats ahead, that survey used different wording and did not include an "unsure" option.

The GOP's long-standing edge has steadily narrowed during Trump's second term as Americans grapple with higher living costs, including a sharp rise in gasoline prices following the U.S.-Israeli strikes on Iran in February and the continuing conflict.

Trump has said the strikes were intended to dismantle Iran's nuclear program, curb its regional influence and create conditions for regime change. Since the conflict began, gasoline prices have risen by more than 25%, with drivers paying more than $1 extra per gallon.

The poll also found Democrats leading the generic congressional ballot, with 42% of registered voters saying they would back a Democratic candidate if elections were held today, compared with 37% for a Republican. Independent voters favored Democrats by a 12-point margin.

Republicans are defending narrow majorities in both chambers of Congress, though only about three dozen House races and roughly eight Senate contests are expected to be highly competitive.

Trump has repeatedly rejected polls showing declining public support. Before the Reuters/Ipsos survey was released, he wrote on Truth Social: "My REAL Polling Numbers, not those made up by the Fake News Media, are the best they have ever been."

The Reuters/Ipsos online poll surveyed 4,505 U.S. adults and has a margin of error of plus or minus 2 percentage points.