Profit hits and price hikes are already coming down the pike as a result of new U.S. tariffs, according to economists.

The stock market has been solid during the tariff drama, with the S&P 500 index climbing more than 25% from its April low. The market's rebound and the income tax cuts in Trump's tax and spending measure signed into law on July 4 have given the White House confidence that economic growth is bound to accelerate in the coming months.

President Trump's broad tariffs on dozens of nations took effect on Thursday following months of threats. CBS News MoneyWatch correspondent Kelly O'Grady reports.