Before the trade war took control of the markets, President Trump versus the Federal Reserve was the top battle with the ability to make-or-break stocks.

Now, some market pundits are speculating that if the Dow dive caused by the trade war flare-up between the US and China continues to weigh on the wealth of Americans, it will suit Trump's old goal of pushing the Fed to cut rates more.

But the market itself — the publicly traded companies that comprise the trillions of dollars in stock value — won't be lining up to support another Fed rate cut, according to a recent CNBC survey.

CNBC asked chief financial officers at some of the largest companies in the U.S. and around the world if they agree with Trump about the need to make current interest rates even lower. Not a single U.S.-based CFO agreed with Trump's push for another rate cut and globally only 4% of CFOs took Trump's view of Fed policy.

The CNBC Global CFO Council represents some of the largest public and private companies in the world, collectively managing nearly $5 trillion in market value across a wide variety of sectors. The second quarter 2019 survey was conducted between April 23-30 among 45 members of the council.

Globally, 69% of CFOs said interest rates are "about right;" 24% said rates are "too low;" and only 4% said rates are "too high."

The percentage of CFOs who expect the Fed to take no action on rates over the remainder of 2019 spiked from 30% in Q1 to 69% in Q2. The percentage that still expect one rate hike declined from over 40% to 22%, while only 2% of CFOs indicated they think a rate cut is coming before the end of the year.