Greetings:
Tree trunks shold not be covered up, as they are designed to be exposed to the sun, wind, etc, unlike roots that expect to be covered with soil. A root exposed to the sun and wind will dry out an die. Since the tree has just recently been planted, the farther away from the trunk the retaining wall is the better. The new roots should grow into the correct soil profile. This would not work if the tree were well established, you would be covering up the roots with too much soil.
Consider building a well around the tree to keep the trunk exposed and as big as possible to allow for future trunk expansion.
A retaining wall that is only a few bricks in height is better than one higher .
Good luck with your landscaping!