Ryan Petersen said a lot of what Americans buy from China is "discretionary spend" — optional items that can be replaced if they become expensive.

When the leaders of some of the world's largest companies flocked to Beijing for a business forum last month, their main purpose was a coveted meeting with Chinese leader Xi Jinping.

Trump's erratic, and often confusing, rollout of tariffs has hit countries ranging from the largest U.S. trading partners, like Canada, Mexico and China. The result has been almost unprecedented market volatility and serious damage to investor trust in U.S. assets.