Only time will tell whether a much-ballyhooed global trade war will end up becoming a reality. While President Donald Trump exempted Canada and Mexico from significant tariffs on steel and aluminum imports, he otherwise didn't back down, at least setting the stage for a commerce-based battle.

Canada's trade relationship with the United States still isn't exactly on a firm footing following an accusation from Boeing (BA) that Canadian-based aircraft maker Bombardier dumped underpriced jets in the U.S. market. Meanwhile, the European Union has threatened to impose stiff tariffs on U.S.-made peanut butter and orange juice should the United States press the matter. Russia is less than pleased with trade sanctions levied against it in August of last year.

Perhaps the fiscal brouhaha is already underway ... just in a very veiled fashion.

Whatever the case, with a wave of populism sweeping over most of the world's top country-based economies (Brexit was ultimately about money, and even China's President Xi Jinping brings his own unique brand of populism to the communist state), trade wars on some level are at least a real possibility going forward.

That naturally could have a significant effect on several popular publicly traded companies. Here are 10 stocks that could be most vulnerable to a prolonged, trade-based conflict.

Ford

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One would think U.S. automakers like Ford (, $10.81) and General) would be thrilled with higher tariffs on European-made vehicles coming into the United States, as well as higher steel and aluminum tariffs that make it more difficult/costly for Asian carmakers with production plants located in the U.S. Both domestic manufacturers pay a 25% tariff on the cars they deliver to China, making it difficult to compete in that growing market. The EU's auto import tariff of 10% isn't much friendlier. Turnabout is fair play.