Stocks face the prospect of a global trade war following a sweeping series of tariffs put in place by President Donald Trump.

Goldman Sachs economists estimate that if the latest trade tariffs announced by U.S. President Donald Trump after assuming office in his second term are sustained, they could take a significant chunk out of Corporate America's bottom line.

Tariffs could not only increase the cost of transporting goods across borders, they could also disrupt supply chains and crimp business confidence.