The largest consumer conglomerates are cutting their financial forecasts for the year, predicting lower sales and profits than before. That includes Pepsi (which also owns Frito-Lay and Quaker Oats), Kimberly-Clark (which makes Kleenex, Huggies and Scott toilet paper) and Procter & Gamble (which makes Tide, Pampers and Charmin).

This is the first wave of corporate earnings reports since President Trump imposed 145% tariffs on Chinese goods and a 10% tariff on all global imports earlier this month. A 25% tariff on imported aluminum also affects companies that need a lot of cans or foils.

Until recently, most consumer giants stuck to the word "uncertainty" to describe the future. Now, they've begun offering more specifics.

Kimberly-Clark estimates that the trade war will add $300 million in new costs for the company. Procter & Gamble warned it may raise prices to offset new expenses. Chipotle saw anxious shoppers cut back on burrito bowls.