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President trump has had one final and faithful ally, the economy. he's kou he's counted it on it to carry him to reelection. 800 points tumble on wednesday was not entirely mr. trump's doing and by friday some off that was recovered. but it can be tied to the uncertainty that has been caused by the trade war launched on china. will his supporters who have embraced of the presidency, be as forgiving if the economy falters? our new poll has the president's approval rating dipping a bit, 43%, 55% disapproving. 43% of approval sits at the lower end of the narrow trading range, rarely moving two or...

Street journal poll taken before all the news about cohen and north korea, the president's rates stood at 46%. tied for the highest showing since he was president. and 52% disapproving and he's on the higher end of what's been a trading range in the low to mid-40s. last month we had him at 43% with 54% disapproving. so is that good enough for re-election? joining me now are our gurus, the nbc news/"wall street journal" polling partners of republican bill mcinturff and democrat fred yang. let me put up generic ballot, always, we know and it's just a generic ballot, but a generic democrat has 48...

We're still trapped in a tight trading range. ultimately the market would love to trade on fundamentals. seems like every week there's a nonfundamental reason for investors to be a worry. today it was something happened in europe. some days what happens in geo politics. sometimes it's what happens in washington d.c. over and over again, and i say thispecifically to investors getting frustr, i get it. i understand where you're coming from. fundamentals are not playing a role. ultimately they will. >> neil: thanks very much. if roseanne were a stock, she would be a buy 24 hours ago. she could do...

It. they knew something already. this was not speculative. the fact they had permission to surveil him for as long as they did. >> one paradox is as this is happening and the new threat emerges, trump's job approval rating is stabilizing to the higher end of the spectrum. >> it is true, but it goes low, it's going higher now to the low 40s, right? >> that is still very low. >> the trading range is 39 to 45. >> even this scandal, the last time a president was ensnared in legal scandal, there was a rallying effect and an able to spr separate what was happening in the country. >> there is a diffe...

From the world than we sell to the world, that we would be relatively better off in a trade war than other countries, and that might be true. but the world and the united states would all be a lot worse off. >> what of the president's argument that america buys more from everywhere else than itself? is that valid? >> oh, yeah, no question. i mean, not everywhere else, but certainly a fair number of countries. china, japan, mexico, germany. we run large trade deficits with all of those countries. some of that's self-inflicted because of the large budget deficits we run and because we are just a...