Economists and retailers are warning that President-elect Donald Trump's proposed tariffs on Canada, Mexico, and China will likely result in higher prices for U.S. consumers, on products from electronics to imported food.

Small businesses are bracing for stiff tariffs that President-elect Donald Trump has proposed as one of his first actions when he takes office

The companies are urging the president-elect to reimpose duties on steel from the U.K., the EU and Japan, accusing foreign rivals of unfair market practices.