The proposed tariffs on China, Canada and Mexico could raise prices for United States consumers, according to Goldman.
On Monday, Trump said on social media site Truth Social that he would impose an additional 10% tariff on goods from China and a 25% levy for Canada and Mexico.
The latest tariff proposal from President-elect Donald Trump would likely put upward pressure on inflation in the United States, according to Goldman Sachs.on goods from China and a 25% duty for Canada and Mexico. Goldman chief economist Jan Hatzius said in a note that the proposed levies would result in a notable increase for consumer prices in the U.S..
Traders have been dialing back their expectations for Fed rate cuts in 2025, though it is unclear how much of that is due to election results versus a resilient U.S. economy. Fed Chair Jerome Powell has said the central bank will consider the impact of tariffs and other fiscal policy changes on the direction of inflation once the details become clear.
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