So far, China and the US have matched each other tit-for-tat in the growing trade war. Both countries have imposed tariffs on $50 billion worth of goods, with the US threatening an additional $200 billion and China another $60 billion on 5,207 products.

The proposed new tariffs on Chinese imports haven't been enacted yet, though Friday President Donald Trump threatened such a tax at "short notice." Larger retailers might not feel the effects immediately since many manufacturers have likely stocked up in anticipation, but smaller retailers unable to warehouse extra inventory could feel the squeeze sooner.

The latest round of tariffs imposed by the Trump administration could come as soon as this week. The retail industry might not feel the full impact of these measures until 2019, but additional fees on goods from China will undoubtedly affect US trade, especially if China follows through with threats of retaliating tariffs.