If President-elect Donald Trump follows through on his threat of imposing new tariffs on Mexico, Canada and China, it could have major repercussions for the U.S. toy industry. Kelly O'Grady explains.

President-elect Donald Trump is vowing to slap heavy tariffs on all foreign-made goods once he reassumes the presidency next year, and some retailers are warning that could be bad news for children who are expecting their favorite toys next Christmas.

Toy stores and the toy industry are warning that Trump's pledge to add tariffs to Chinese imports could harm their businesses.