Earnings reporting season is underway, and analysts are eager to hear from executives about how an escalating trade war between the U.S. and China is impacting their businesses. A common theme is that they are ready to relocate supply chains if the cost of importing Chinese goods becomes prohibitive.

U.S. President Donald Trump imposed a 10 percent tariff on $200 billion of Chinese imports in September—following an earlier round of tariffs on $50 billion of goods—and promised to raise the duty to 25 percent in January. He's also threatened to expand the levy to all products imported from China—an amount that totaled $531 billion in the 12 months through August, according to the latest data from the U.S. Department of Commerce.

Here's what companies are telling analysts: