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

The developments came as China has struck a publicly defiant tone and Trump sowed confusion by claiming that he had spoken with Chinese President Xi Jinping, which Beijing denied.

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.