Corporate America's love affair with the Trump administration's tax overhaul is still going strong, and it's pushing spending plans to multiyear highs.

In a quarterly survey released by Deloitte LLP Wednesday, a record number of CFOs said that now is a good time to take greater risks, pushing up growth expectations for revenue, earnings, capital spending, and hiring. That confident tone is a response to the tax bill passed in December, according to Sandy Cockrell, the Deloitte Global CFO Program leader.

Meanwhile, the S&P 500 Index was down around 0.7 percent Wednesday morning, as fears of a potential trade war escalated following China's retaliation on U.S. tariffs on Chinese goods. It's bad timing for the trade uncertainty. Just as the finance chiefs look set to unleash the tax-cut bounty on the economy, along come international tensions.