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

President-elect Trump has expressed support for a negotiated solution with Iran on all outstanding issues, while Iranian President Masoud Pezeshkian has stated that Tehran is ready for constructive dialogue with the West about nuclear power and willingness to improve relations with the United States.

Trump has pledged tariffs of 10% on global imports, 60% on Chinese goods and a 25% import surcharge on Canadian and Mexican products, duties that may upend trade flows, raise costs and draw retaliation.

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.