Washington (CNN) President Donald Trump's approval rating has dipped in a new national poll as concerns mount over the US trade war with China and signs of a potential looming recession.

The President's approval rating stands at 38% among Americans, with 56% disapproving of Trump's job performance, according to an ABC News/Washington Post poll released Tuesday.

The poll, conducted in early September, comes as the trade war with China has escalated over the summer and warning signs that a recession could be nearing. Last month, the yield on the 10-year Treasury note fell below the two-year yield for the first time since 2007 — a kind of inversion viewed by many as a strong signal that a recession is likely in the future.

According to the ABC-Post poll, 46% approve of how Trump is handling the economy, down from 51% in July.

The poll also shows a sharp partisan divide on views of the economy: 9 in 10 Republicans say the economy is in excellent or good condition, while 33% of Democrats believe so.

Six in 10 Americans believe that a recession is "very likely" or "somewhat likely" within the next year.

A majority of Americans, 56%, disapprove of Trump's handling of trade negotiations with China.

CNN reported that Trump privately has begun to express concern over the economy and has instructed aides in recent weeks to develop proposals to boost Americans' wavering confidence in the economy.

While he pushes aides to develop plans to strengthen consumer confidence, Trump isn't backing down from his trade war with China.

Last week, the latest round of tariffs went into effect and more are on the way, which could hit consumer confidence at a delicate time for the US economy when the manufacturing sector is buoyed by consumer spending

The ABC/Post poll was conducted by telephone from September 2 to 5, among a random national sample of 1,003 adults. Results have a margin of sampling error of plus or minus 3.5 points.