Flagging demand from consumers is replacing U.S. trade policy as the chief concern in boardrooms around the world, according to a CNBC survey.

President Donald Trump has followed through on preelection promises to address what he considers unfair trade practices by a number of countries. The United States and China have become embroiled in a trade spat that has seen tariffs levied on billions of exported goods.

Fears that the isolationist U.S. trade policy could trim global growth have brought volatility to equity markets, although this year the has managed to push higher by more than 8.6 percent.

But according to the latest CNBC Global CFO Council quarterly survey, published Thursday, only 10.4 percent of chief financial officers now view U.S. trade policy as the main external risk to their business.

Of the respondents, 45.8 percent said that consumer demand represents the biggest risk. That number marks the highest figure recorded by the survey in the last two years.