European countries could be among those hardest hit if Trump follows through on tariffs. The European Union says it wants to negotiate but is prepared to retaliate.

Some executives have warned that price hikes are on the way if President-elect Donald Trump's trade plans go into effect. On the campaign trail, Trump proposed a 60% tariff on goods imported from China coupled with a 10% to 20% tariff on goods imported from other countries.

Donald Trump’s proposed tariffs will dent U.S. economic growth going into 2026, said Morgan Stanley’s chief global economist Seth Carpenter.

Ali Velshi breaks down Trump's China tariff plan and explains how the American consumer will end up footing the bill