"President-elect Trump has proposed various tariff plans at various times on the import of foreign goods, including a 10% blanket tariff on all imports, a 60% tariff on Chinese goods and 25% tariffs on goods from Mexico and Canada," says Ben Johnston, chief operating officer of Kapitus, a financial services firm that focuses on small business.

Broader implications could include ceding ground to China's already growing vehicle industry and pushing allies closer to Beijing.

Donald Trump administration will apply tariffs to every country, but not everything. What are the implications?