President Trump's trade wars are a popular topic this corporate earnings season, with CNBC reporting that "tariffs have been mentioned in some form [by] more than 40% of the 146 S&P 500 companies that have already reported second-quarter earnings."

Bottom line: Some companies, such as Whirlpool and Coca-Cola, say that tariffs already have negatively affected their business, but the broader economic impact won't really be known until third quarter numbers are released by both companies and federal agencies.