Goldman Sachs warns of higher consumer prices as Trump plans new tariffs

President-elect Donald Trump has announced plans to implement new tariffs, including a 25% tax on goods from Mexico and Canada and a 10% tax on some imports from China, as soon as he takes office. Goldman Sachs has criticized these proposals, warning they could lead to higher prices for U.S. consumers, particularly in fuel costs. The bank's commodities research head noted that the tariffs might affect U.S. refiners and Canadian producers as well. Despite the potential impact, Goldman Sachs suggested that tariffs on Canada may be unlikely due to Trump's focus on lowering energy costs. The U.S. currently imports nearly 4 million barrels of Canadian crude oil daily.