The U.S. Chamber of Commerce's Small Business Index has dropped for a second consecutive quarter in early 2026, dropping from 68.4 at the end of 2025 to 67.5. The Midwest is the most confident region, with an index of 67.6. Only 37% of small-business owners expect to make new investments in the year ahead, down from 44% in Q4. Only 28% of these respondents believe the U.K. economy is in good health, a decrease of 10 points from the previous quarter. The survey was conducted from February 25 to March 11. Despite this, the index is still higher than this time last year following President Trump's "Liberation Day" tariffs.