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Protectionism tops the list of worries on Wall Street, the survey shows, far outpacing concerns over inflation, terrorism and even the Fed itself.

"The market has shifted from a fear of a monetary policy misstep, tightening too aggressively, to a trade policy mistake, escalating into a trade war with China," Art Hogan, chief market strategist at B. Riley FBR, wrote in his response to the survey. "The balance of risk for equities has moved from the Fed to the White House."

Added David Kotok, chairman and chief investment officer of Cumberland Advisors, "One man's income is another man's expenses. No one wins a trade war."

President Donald Trump in recent weeks announced sweeping tariffs on steel and aluminum tariffs, and then exempted Canada and Mexico pending the outcome of talks on the North American Free Trade Agreement. The president has allowed for other exemptions, setting off a flurry of lobbying by countries and companies in the U.S. and abroad. The outcome of the exemption process is unclear so far.

Read the full article at CNBC.