

So far, the tariffs represent a relatively small portion of U.S.-China trade. That means the immediate economic impact of the trade war could be limited for both sides, another reason some analysts expect the dispute to linger for some time.

But economists have warned that a full-blown trade war, especially if it drags on for more than a year, could slow the U.S. economy.

U.S. exporters facing higher tariffs in China will have a tough choice. They can either take a profit hit, or try to pass along the higher cost to Chinese consumers, thus making their products less competitive.

U.S. ports, which handle hundreds of billions of dollars in merchandise each year, will be among the first to feel the pain if the Trump administration's trade war begins to slow the global economy.

As the White House has widened its threats of expanding duties on $200 billion worth of Chinese goods, port managers across the country have been bracing for the prospect of canceled shipments and lost jobs.

(Reuters contributed.)