Recent polls reveal a downgrade in President Donald Trump's job approval rating on the economy and show he's trailing in head-to-head match-ups against the leading 2020 presidential election Democratic candidates, but a majority of U.S. business leaders believe, at least for now, that he will win reelection.

More than two-thirds of North American chief financial officers surveyed by CNBC say Trump will win the 2020 election, while a quarter say former Vice President Joe Biden, according to the results of the latest CNBC Global CFO Council survey for the third quarter 2019.

The CNBC Global CFO Council represents some of the largest public and private companies in the world, collectively managing more than $5 trillion in market value across a wide variety of sectors. The Q3 2019 survey was conducted between Aug. 21 and Sept. 3 among 62 global members of the council.

This is the first time the quarterly CNBC CFO survey has asked C-suite executives about the upcoming presidential election, and it is early in the election cycle. CFOs also tend to follow the prevailing sentiment rather than buck it. During the early days of the GOP campaigning process for the 2016 nomination, CFOs surveyed said they did not think Trump would prevail. When he was the clearly established leader in the polls, by spring 2016 they came around, but later survey results showed there was never a majority of CFOs who thought he would win the election over Hillary Clinton.

Trump's numbers have taken a hit over fears of an economic slowdown and the trade war with China — CNN/RSS, Washington Post-ABC News, and Quinnipiac University polls all show a drop in the president's job approval — and his slipping numbers caught Wall Street's attention.