Goldman Sachs warns of consumer impact from Trump's proposed tariffs on imports

President-elect Donald Trump plans to impose significant tariffs on imports from Canada, Mexico, and China, with rates as high as 25 percent. Analysts warn these tariffs could lead to higher prices for U.S. consumers, contradicting Trump's campaign promises to lower costs. Goldman Sachs analyst Daan Struyven highlighted potential negative impacts on U.S. consumers, refiners, and Canadian producers. Critics argue that tariffs may increase inflation, which was a key concern for voters during the election. Canadian and Mexican officials have expressed strong opposition to the proposed tariffs. They argue that such measures will not effectively address issues like drug use and migration, and could harm economic relations with the U.S.