On Monday, the U.S. will impose a new set of tariffs on $200 billion worth of Chinese goods.

As the trade battle between the world's two largest economies escalates, so could the prices you pay for a wide range of goods. Last week, Target admitted it was "deeply troubled" about how tariffs would affect consumers, and its bottom line.

They're far from the only ones.

"Prices are definitely going up," said small business owner Drew Greenblatt to CNBC's "On the Money" in a recent interview. The president and owner of Baltimore-based Marlin Steel, which manufactures custom steel wire basket products for clients including General Motors, Ford and Boeing, is just one of many businesses expected to feel the fallout of higher prices.

On May 31st, the U.S. slapped a 25 percent tariff on imported steel and 10 percent on imported aluminum. Although Greenblatt buys his steel domestically, he told CNBC that "our steel prices have gone up. This makes us less competitive against German, Mexican and Chinese" competitors, he added.

"We make everything in Baltimore," Greenblatt told CNBC. "We only buy steel from Indiana and Illinois and when we lose opportunities because Chinese companies are ripping us off, then that means less steel is bought from Indiana and Illinois and less unemployed steelworkers in Baltimore are getting opportunities to buy a home, and own a car," he said.