The incoming president has floated numerous tariff plans. Retailers say their livelihood could depend on which ultimately come to fruition.

Trump's biggest first-term trade impact was to shatter decades of political consensus favoring ever-lower trade barriers.

Donald Trump is promising to put import taxes back at the center of US economic policy during his second term as US president. The country heavily taxed imports for much of its history before largely abandoning the policy,

US businesses prepare for tariffs and tax cuts Trump propelled to power with the promise of rebuilding the economy. But some economists think his promises of tariffs and tax cuts may not benefit the working class.

As investors the world over brace for a global trade war with U.S. President-elect Donald Trump returning to the White House next week, several economists and strategists believe his proposed hefty tariff hikes could well be a negotiation tool.