More than 50 bosses raised the topic of tariffs with investors and analysts on earnings calls without even ­being asked, according to a Sunday Telegraph analysis of S&P Capital IQ data from the opening weeks of the corporate results season.

Most are US-based, but the trade war is spilling over into some European and Asian companies’ forecasts, too.

Emanuel Chirico, the chief executive and chairman of PVH, said tariffs “just don’t work” and called for “calmer heads” on trade talks with Nafta and China.

“That threat [of tariffs] psychologically has the effect of impacting our consumer and impacting the great American brands we own that the ­international markets and international consumers want today in great demand. We do get concerned about tarnishing those brands as we go forward,” he said.