President-elect Trump's plan to increase tariffs on goods from China and impose them on products from Mexico and Canada would drive inflation up by nearly 1%, Goldman Sachs estimates.
President-elect Donald Trump's plan to impose a 25% tariff on all goods from Mexico and Canada while hiking the levies on products from China will drive up costs for Americans, Goldman Sachs warned this week. Economists at the Wall Street bank wrote in a note on Tuesday that the proposal Trump floated the day before would add a tax on 43% of U.S. imports, and could push inflation higher by nearly 1%.
The central bank is focusing on the PCE headline figure as it tries to bring back the pace of price increases back to its target of 2%, although policymakers view the core data as a better indicator of inflation. Trump on Monday said he would issue an executive order upon taking office to charge Mexico and Canada a 25% tariff on all products coming into the United States, as well as additional tariff hikes on China over the flow of illegal immigrants and illicit drugs.
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