Consumers have been on edge about tariffs since they became a key talking point during the most recent presidential election. As it is, consumers have been grappling with sky-high living costs for years thanks to stubborn inflation.

A prolonged trade war means that for many American families, an extensive Barbie or Polly Pocket collection could soon be a luxury.

Mattel, the U.S. toy company, said it would increase prices of some U.S. toys, citing levies on Chinese imports.