If tariffs make those imports 25 percent more expensive (or if the flow of oil across the border slows or ceases in response to the new trade barriers Trump wants to erect), prices are likely to rise through the rest of the supply chain, including at the pump.

Wisconsin and other Midwest states rely heavily on oil from Canada, which would be subject to a 25% tariff under Trump's proposal.

Cars, apparel, electronics and more could see prices go up if President-elect Donald Trump follows through on his pledge to impose sweeping new tariffs on imports from Mexico, Canada and China.