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.

Barbie and Hot Wheels maker Mattel pulled its full-year profit outlook late Monday, citing uncertainty surrounding the Trump administration's trade war. "The mitigating actions that we're taking are designed to fully offset the cost impact,

Citing uncertainty about the economy and tariffs, Mattel also paused its financial guidance for the full year and said it expects tariffs to affect costs in the third quarter.