“My price targets are supposed to be 12-month targets, and now they’re 12-tweet targets,” Mr. Siegel said. He added that the new 25 percent tariff could have a “cataclysmic” effect on retailers, especially those that are already in pain.

“The retail industry at large is up in arms because they’re not just fighting for their trade, they’re fighting for their existence,” Mr. Siegel said.

Brian Goldner, chief executive of Hasbro, said the tariffs would be a setback for the toy industry just as it had begun to recover from the liquidation of Toys ‘R’ Us last year.

Hasbro, which makes toys and games like Play-Doh and Monopoly, said that it agreed to join other companies in testifying about the tariffs at a separate hearing the trade representative is expected to hold in coming weeks. About two-thirds of the toys it sells domestically come from China, although it has been expanding production elsewhere in recent years, including in the United States.

Still, China remains crucial — as a supplier and customer. Hasbro’s Transformers and My Little Pony offerings are popular there. “We want to continue to enable the China marketplace to be open to American brands that are beloved globally,” Mr. Goldner said in an interview.

Many companies declined to discuss the tariffs, fearful of being on the receiving end of a presidential Twitter post or other unwanted publicity. But on recent calls with investors and analysts after earnings announcements, tariffs were a hot topic.