The Office of the U.S. Trade Representative said Friday that the U.S. will initially impose a set of tariffs on 818 items worth about $34 billion on July 6. Separate measures worth about $16 billion could take effect following a review and public comment process.
China quickly struck back, announcing a 25 percent levy on $34 billion of U.S. goods, also slated to take effect July 6.
"Trade wars can be inflationary and they can slow the economy. But I think the fundamental backdrop is really solid," Glazer said.
"Investors have to focus on earnings and the tax cuts are the gift that keeps on giving throughout this year. But we're going to need a strong stomach," he added.
Chris Bertelsen, president and chief investment officer at Aviance Capital Management, said while the stock market has been "pretty blase" about the trade war situation, he thinks it could become contagious.
"The comments really don't help. I mean, Canada doesn't have a huge deficit with the U.S. and yet the talk about it is pretty strong," he told "Closing Bell." "The new tariffs on China, I think, could well be the start of a back and forth."
That's not healthy for stocks, particularly franchise growth stocks like Coca-Cola and Procter & Gamble, he noted.
While he's staying away from consumer staples, he thinks there are real opportunities in high-dividend players like AT&T and Seagate Technology.
And while those who fear a trade war may find a "safe place" in U.S. small-cap stocks, he said he's not sure that is the right place to be because he thinks at the end of the day all this will all "blow over."
Evan Newmark, a private investor and CNBC contributor, agrees.
While fleeing to small caps is a classic reaction, he thinks the "bad scenario" for the market has nothing to do with companies, their earnings or their trade flows.
"It has to do with sentiment in the market," he said on "Closing Bell."
"If the sentiment turns against the president and against the global economy, it's bad for everybody," he added.