Typically folks use an interior flat latex, diluted 50:50 with water to thin it even more. The idea being (at least here in my locale) that you are making the trunk more reflective of the sun, not sealing it. Even semi-gloss and glossy finish paints tend to seal too well.
On the other hand, folks use a lot of different paints and techniques, including mixing with plaster/spackle and putting it on really thick Can’t imagine there is a lot of air exchange through that… So there is a good chance your trees will be fine.