Attitudes To Trade Survey 2026

Global trade is experiencing a period of prolonged disruption, with UK and international businesses facing a fragmented and unpredictable landscape. The era of globalisation is giving way to heightened policy uncertainty and intensifying geopolitical tensions. The tariff measures implemented by the United States have been particularly impactful, driving the average effective US tariff rate from 2.4% in January to 16.8% in November 2025, a shift that is front of mind for business leaders as they plan for the future.

In 2025, the UK government concluded the UK-US Economic Prosperity Deal (EPD), which helped to mitigate some of the tariffs imposed by the new administration and established a platform for further cooperation. Some sectors, such as pharmaceuticals and medical technology (MedTech), saw additional reprieves from US tariffs, with a 0% rate confirmed in December 2025. The government also finalised a landmark Free Trade Agreement (FTA) with India (awaiting ratification), enhancing access to one of the world’s fastest-growing markets; and initiated a new dialogue with the European Union, which aims to ease regulatory frictions and restore smoother trade flows. These developments build on the UK’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which entered into force in the UK in December 2024.

The latest edition of Deloitte’s Attitudes To Trade Survey shows that global trade uncertainty is now embedded in business planning and business leaders are broadly supportive of the UK government’s approach to trade policy.

Executive summary:

1. Businesses are adjusting to a period of uncertainty in global trade policy and are increasingly concerned about high tariff barriers.

• UK businesses are facing rising costs and uncertainty due to a more volatile global tariff environment, with 56% of businesses now selecting high tariffs as one of the greatest barriers faced when trading with the US, up from 33% in 2024 and 41% in our 2025 survey.
• Businesses are actively adapting, with 48% having explored mitigation strategies such as price increases, market diversification and supply chain reorganisation, highlighting widespread efforts to manage the impact of protectionism.
• Businesses remain cautious in their outlook and are bracing for sustained instability, with 83% of respondents anticipating uncertainty to continue for at least 1-2 years and just 13% of respondents sensing the level of uncertainty seen throughout 2025 is now stabilising.
• The UK-US Economic Prosperity Deal is viewed positively overall, with 70% of respondents believing it to be helpful for their business. Separately, when asked to compare outcomes from recent negotiations, respondents were divided on whether the UK or the EU has secured the better terms, with 31% favouring the UK-US EPD and 29% believing the EU deal to be better.

2. Businesses are continuing to embrace global trade and see growing opportunities in Asia Pacific.

• The survey paints a mixed picture of businesses’ attitudes towards trade with China. Over half of UK businesses surveyed favour closer trade ties (51%) and expect China to play a greater role in their supply chains (53%) over the next five years. However, 46% of respondents anticipate more trade barriers over the same period.
• Over half of UK businesses (59%) expect to increase exports to CPTPP countries, just one year after the agreement came into force - suggesting strong early confidence in the bloc’s potential to open new markets.
• The most valued benefits of CPTPP membership include greater access for trade in services (38%) and supply chain diversification (35%), suggesting businesses consider the agreement to be a practical tool for navigating rising global trade volatility.

3. Businesses are increasingly positive about the government’s approach to trade with the EU.

• Most business leaders do not support full UK alignment with EU rules, with just 14% of respondents citing this as a preferred route for the UK to achieve a closer trading relationship with the EU. However, there is strong support (88%) for some degree of alignment, with almost half (48%) of respondents favouring aligning in specific sectors while preserving the UK’s regulatory autonomy.
• Businesses are broadly supportive of proposals for closer UK-EU cooperation. Across all businesses surveyed, 68% of respondents said the proposed Common Sanitary and Phytosanitary Area between the UK and EU would be helpful to their business to some degree.
• Business sentiment towards the UK-EU relationship is on an upward trend, with 70% of UK businesses now expecting the relationship to improve, while only 14% anticipate deterioration. Business’s outlook on the UK-EU relationship has steadily improved over the last three editions of our survey. In our 2024 Attitudes to Trade Survey, 54% of businesses expected the relationship to improve, increasing to 61% in 2025.

4. Business leaders believe that the UK’s trade policy is delivering and are optimistic about the UK-India FTA.

• Two thirds (66%) of businesses trading internationally are now in continuous or regular engagement with the government regarding trade negotiations with other countries. In addition, 63% of business leaders now believe the government is doing a good job of explaining the benefits of trade agreements – reflecting a steady rise in confidence each year since our surveys began, up from just 37% in 2023.
• Support for the UK-India FTA continues to grow, with two thirds of businesses (66%) expecting it to enhance their competitive position. Key opportunities identified include improved services access (38%) and collaboration on digital trade (34%). Sentiment toward the UK’s expanding network of trade agreements remains positive, as 71% of respondents believe the FTAs negotiated by the UK with countries including Australia, New Zealand, and CPTPP members will contribute to national growth.
• The UK Trade Strategy, announced in June 2025, has proved popular, with over three quarters of respondents (78%) expecting it to be helpful for their business.