“Importers are likely to only bring in the best selling items for which they make a strong margin for,” said Miller. It means our selection of toys and toasters may shrink. And Miller said eventually, as the supply of merchandise retailers stocked up on to get ahead of tariffs dwindles, more companies will increase prices.

Some lower-cost brands are about to cost a little more, as popular online retail giants are raising their prices in response to President Trump's tariffs. NBC News Senior Business Correspondent Christine Romans joins José Díaz-Balart with more on the impact tariffs will have on consumers.

Tariffs on imported goods from China currently sit at an eye-popping 145 percent—and up to 245 percent for some products.  While reports also suggest President Donald Trump may dial back the tariff levels any day now,

U.S. Treasury Secretary Scott Bessent on Sunday did not back President Donald Trump's assertion that tariff talks with China were under way and said he did not know if the U.S. president had talked to Chinese President Xi Jinping.

China on Monday said it was on the right side of history in its gruelling trade war with the United States. Recall that the US President Donald Trump, since returning to the presidency in January, has imposed 10 per cent tariffs on most US trading partners and a separate 145 per cent levy on many products from China.