The trade war between the U.S. and China heated up this week. Both countries exchanged new rounds of tariffs that affect billions of dollars worth of goods and products, and that has some strategists advising investors to look for opportunities in hard-hit emerging market ETFs and currencies.

"We actually favor stocks over bonds at this point, and we do see some upside in the large-cap stocks through the end of the year," Well Fargo's Tracie McMillion told CNBC on Tuesday. "But one area where do see some value is in emerging markets. We feel like they've borne the brunt of this trade negotiation so far and the valuations look really attractive on a price-to-cash flow basis."

Here's how five markets experts predict investors can help prepare their portfolios for rising global trade tensions.