U.S. trade issues that have been in the spotlight recently could have the markets remaining on edge according to a recent article by Charles Schwab senior vice president and chief global investment strategist Jeffrey Kleintop. 

In "Trade War and Peace: Which Markets Are Most At Risk," Kleintop writes that after President Donald Trump's initial introduction to tariffs placed on steel and aluminum imports, global stocks lost half of their February correction. Those in the market may be concerned about a possible global trade war.

"Total world trade is equivalent to more than half of the world’s economic output, according to data from the World Bank," Kleintop writes. "So it is easy to see why developments that may impact the flow of the world’s goods and services across borders can have a big impact on the world economy and the earnings of global companies."

The main focus will be on any retaliation by China, Kleintop writes.  

"There may not be any; China has made no specific promise of retaliation to the metal tariffs," he writes. "The U.S. ranks 26th on the list of countries China exports steel to."

Kleintop goes on to say in his article that the tariffs might not lead to a trade war, but markets could see some volatility.

"The measures enacted and proposed so far do not constitute a trade war, but they aren’t “trade peace” either," he writes. "That uncertainty is likely to leave markets on edge and prone to bouts of volatility as trade issues develop in the coming weeks and months (including any tariff retaliation, intellectual property theft investigation, and both NAFTA and Brexit negotiation)."