Tariffs are the top concern plaguing executives in 2026—and they even rank above the impacts of international conflicts like the war in the Middle East.

That’s according to an annual Political Risk Survey Report by Willis which drew upon responses from 57 individuals in the manufacturing, technology, retail and real estate sectors across Europe, North America and Asia.

Conducted as the war in Iran was breaking out and logistical constraints began to arise from the closure of the Strait of Hormuz , the survey revealed that 61 percent of executives believe the impacts of heightened duties are the still the most difficult factor to manage in today’s business climate.…