Small businesses bearing the brunt

The drop in confidence is far steeper among smaller companies. Ninety percent (90%) of executives at businesses with 10 to 49 employees said they are more concerned following this year’s events, a 21 percentage point jump from where they stood at the start of 2026. That compares with 69% of executives at companies with more than 1,000 employees, a meaningful gap that points to smaller firms having less financial cushion to absorb shocks.