President Trump’s re-election campaign is advertising in three states he easily won in 2016, as well as two others that appear tougher for him to capture, as polls suggest he may have a narrower path to the White House than four years ago.

Ad dollars are flowing into Iowa, Ohio and Georgia—states he won by 5 percentage points or more—as Mr. Trump trails presumptive Democratic nominee Joe Biden in most battleground-state and national polling and navigates a pandemic and race-relations debate.

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