President-elect Trump is promising major tariffs that could impact retailers and their consumers.

A tariff is a tax placed on goods when they cross national borders.

Trump has said all U.S. trading partners could face tariffs of up to 20%. He's said goods from China could be levied at 60% or higher on some specific products.

"I will impose whatever tariffs are required 100%, 200%, 1,000%," Trump said of some Chinese imports during an event in October.

The potential for these tariffs is already having some retailers rethink their business, and it could mean consumers paying higher prices.

"It's not a one size fits all situation with this," said Bill Reinsch, Chair in International Business at the Center for Strategic and International Studies. "Each company, each retailer is going to decide what it wants to do for itself. Sometimes, they'll choose to eat part of the tariff. In other words, absorb some of the increased price and simply have a lower profit margin in order to maintain their market share. But most of the time, they pass part, if not all of it, onto the consumer."

Walmart's chief financial officer John David Rainey told CNBC if Trump's tariffs take effect "there probably will be cases where prices will go up for consumers."

Lowe's CEO Marvin Ellison also addressed the topic on the company's earnings call on Tuesday.

"Like everyone, we're waiting to see what happens when the Trump administration actually takes office in January," Ellison said. "Having said that, we feel good about the processes and the systems we put in place since the first Trump administration to manage tariffs or other challenges."

The Home Depot told Scripps News it's following this situation to see how it could impact its business.

"It's too early to speculate, but tariffs would impact our industry more broadly," The Home Depot said in a statement to Scripps. "The majority of our goods are sourced in the U.S. While the remaining products are not all sourced from Asia, we do source from several Asian countries, so we are watching this issue closely. Our teams have been through this before and we anticipate that we will manage through any new tariffs similarly to how we have done so in the past."

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Trump sees tariffs as having two purposes raising revenue for the government and taking money from other countries. The Tax Foundation estimates a 20% tariff on all goods would raise $3.3 trillion for the federal government from 2025 through 2034.

The Peterson Institute for International Economics projects Trump's tariff plan could cost the average U.S. household $2,600 per year.

Toy guns, a doggy xylophone, and a friendly-looking bright yellow stuffed animal are all on Santa's naughty list this year.

They're some of the nominees listed among the "10 Worst Toys" this holiday season, according to World Against Toys Causing Harm Inc., a non-profit focused on educating the public about potentially dangerous children's products.

The organization has put out the list for the past 52 years. It's president, Joan Siff, announced the list Tuesday morning.

This year's full list of dangerous toys includes the Pinovk Toy Colt 45 Pistol, Bristle Hedgehog, Transformers Earthspark Cyber-Sleeve, Kinetic Sand Scents - Ice Cream Treats, Wubble Rumblers Inflatable Furious Fist, Click N' Play Toy Remote Set, Snackles - Sandy, X-Shot Poppy Playtime, Playzone-Fit Tri-Flyer and the Zoo Jamz Doggy Xylophone.

"A toy can be dangerous because it's improperly manufactured, improperly designed, not marketed well," Siff said. "Those are all different phases of production where something can go wrong."

The organization's concern is that many toys appear harmless but can pose a danger in the hands of a young child.

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Toy injuries have increased for three years in a row. More than 184,000 injuries from toys were treated in emergency departments last year, according to a report from ValuePenguin, an insurance research site from LendingTree. But overall, toy-related injuries are down more than 20 percent over the past decade.

"You can safely buy toys for your children," said Divya Sangameshwar, an insurance expert at ValuePenguin. "Just make sure that you're buying toys that are safe and age appropriate, and if you want to buy toys, make sure that your children are being supervised when they play with them."

In a statement to Scripps News, The Toy Association, a U.S. trade group, said it "advocates for children's safety all year long, in contrast to W.A.T.C.H., which is heard from only once or twice per year, and whose false claims are not made by actual safety experts. Their report is riddled with misinformation and serves only to frighten families during what is meant to be a joyous time of year. What's important to know is that by law, all toys sold in the United States must first meet 100+ rigorous safety tests and standards before reaching consumers. ... Families are reminded to choose toys that are appropriate for their child's age, interests, and abilities; to avoid purchasing counterfeit or illegitimate product from rogue or third-party sellers by only shopping from reputable stores and online sellers; and to supervise children during play."

Spirit Airlines announced on Monday that it is filing for Chapter 11 bankruptcy.

One of the country's largest low-cost carriers, Spirit operates across 90 destinations in the U.S., Latin America, and the Caribbean. The company stated that it would continue to operate normally while restructuring its debt through the bankruptcy process.

"Guests can continue to book and fly without interruption and can use all tickets, credits, and loyalty points as normal," Spirit said in a press release on Monday.

The company also confirmed that employees would continue to be paid throughout the process.

The Associated Press reported that Spirit faced looming debt payments of more than $1 billion over the next year, following losses of $2.5 billion over the past four years.

"I am pleased we have reached an agreement with a supermajority of both our loyalty and convertible bondholders on a comprehensive recapitalization of the Company, which is a strong vote of confidence in Spirit and our long-term plan," said Ted Christie, Spirit's president and chief executive officer. "This set of transactions will materially strengthen our balance sheet and position Spirit for the future while we continue executing on our strategic initiatives to transform our Guest experience, providing new enhanced travel options, greater value and increased flexibility.

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Spirt Airlines is known for its low fares, but also for fewer service offerings.

"There's a difference between low service and no service," aviation historian and University of Dayton professor Janet Bednarek told Scripps News. "And (travelers) are increasingly seeing the budget airlines as no service rather than low service, and they're willing to pay a little bit more to get a little bit of service."

While Spirit has struggled, other airlines have successfully bounced back since COVID.

The International Air Transport Association says the industry is en route to record revenue and a record number of scheduled flights this year.

Domestic travel has come back too. This summer, the TSA notched its first-ever day of screening over three million passengers.

"There has been a bounce back from COVID much faster than I ever thought would happen," Bednarek said. And, it's got longevity. It wasn't just, you know, in 2003, it's come into 2024 and it seems like people really do want to travel."

The bankruptcy announcement from Spirit Airlines was foreshadowed last week. Spirit's stock plummeted more than 50% after The Wall Street Journal reported that the airline was preparing to file for bankruptcy.

The bankruptcy filing follows at least two failed attempts to merge with other airlines. Frontier Airlines was first in line in 2022, but JetBlue eventually won favor and was set to merge with Spirit. However, that merger fell through due to opposition from the federal government, which argued it violated antitrust laws. Spirit reportedly renewed efforts to merge with Frontier, but those negotiations were also unsuccessful.