While the impact of the proposed import duties will hit small businesses hard, many are awaiting their final form before calculating their own costs.

During her 2024 presidential campaign, Vice President Kamala Harris repeatedly warned that the tariffs Donald Trump was proposing would result in significantly higher prices for consumers and amount to a harsh new "sales tax on the American people.

Over the weekend, President-elect Donald Trump made new tariff threats toward a number of nations, including some adversaries. The proposals include a 25% tariff on all Candian and Mexican imports, plus a 100% tariff on imports from the Brics Economic Alliance if it undermines the strength of the US dollar.