Tariffs could raise prices on clothing, toys, furniture, appliances, footwear, and travel goods, particularly items where China is a major supplier, according to the National Retail Federation, a U.S. trade group of which Walmart's U.S. head is the chair.

Switzerland said on Tuesday it was concerned by U.S. President-elect Donald Trump's proposals to raise tariffs and is considering how to respond if his new administration does so. Trump aims to shift the aggressive trade agenda from his first term into higher gear with across-the-board 10% tariffs on imported goods and even higher levies on imports from China.

Americans are bracing for President-elect Donald Trump's proposed tariff hikes on imported goods. CBS News MoneyWatch correspondent Kelly O'Grady looks at the potential economic impact. Then, small business owner Andy Gossett joins to discuss what the tariffs would mean for his outdoor sporting goods company.