"We're preparing ourselves to see whether we need to start looking at production relocation or or even supplier relocation," Volvo Cars CEO Jim Rowan told CNBC.

The World Trade Organization said China submitted a request for consultations with the U.S. on the tariffs. China said the duties are discriminatory.

The tariffs have also provoked political tension, including retaliation from China, which responded to Trump's move with tariffs on US goods and an anti-monopoly probe of Google, among other measures. The speed with which China filed its complaint with the WTO is an indication of Beijing's readiness for the trade fight.