It depends on the study, but some place trauma quite high.
http://www.cirp.org/library/psych/boyle6/
Hammond's (1997) sample of circumcised men reported emotional harm (83%), physical harm (82%), general psychological harm (75%), and low self-esteem (74%). The circumcised men frequently reported feeling mutilated (62%), unwhole (61%), resentful (60%), abnormal/unnatural (60%), that one's human rights had been infringed (60%), angry (54%), frustrated (53%), violated (50%), inferior to genitally intact males (47%), impeded sexually (43%), and betrayed by one's parents (34%). Similar findings emerged from a larger sample of 546 circumcised men studied by Hammond (1999).
There is likely selection bias there, but if men are actually asked to consider it, it’s a common report. Certainly not zero. Which means it needs to be considered as a negative consequence of newborn circumcision.
The psychological impact certainly shouldn’t be hand waved away.
What’s an acceptable number of males being psychologically harmed to you? 1000? 10,000?
And what do you say to those males about their experience when balanced against the lack of benefits of newborn circumcision?