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President Trump’s proposed tariffs on $200 billion worth of imported goods from China, which could hit in early September, has unnerved many American businesses and customers who think that Trump is causing unnecessary economic damage.

I am not sure what the exact meaning of 'hit' in this context. I guess it means 'take effect'.

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Yes, it means that's when it will take effect. But, in this case, it also has a negative connotation.

From Merriam-Webster, here is what I think are the most equivalent senses of hit:

transitive

3 : to affect especially detrimentally • farmers hit by drought • Many families were hit hard during the recession.

intransitive

b : to arrive with a forceful effect like that of a blow • the storm hit

So, it's going to arrive in September and those who are unnerved by it believe it will have a significant and negative impact.

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