Goldman Sachs: US Consumers at Risk of Major Hit After Trump Imposes 25% Tariff on Canadian Imports

Goldman Sachs: US Consumers at Risk of Major Hit After Trump Imposes 25% Tariff on Canadian Goods, Will Drive Up US Oil Prices

November 27, 2567, Bloomberg reported that Goldman Sachs Group Inc. estimates that U.S. consumers face significant impacts from President-elect Donald Trump's proposed tariffs on Canada.

Dan Struyven, Head of Commodity Research at Goldman Sachs Group Inc. Trump's proposed 25% tariff on Canadian goods would likely drive up U.S. oil prices, a strategy reminiscent of Trump's first term and potentially a negotiating tool, he said.

“In theory, tariffs could have a devastating impact on three sectors: U.S. consumers, U.S. refiners and Canadian producers. … Given Trump’s focus on reducing energy costs, the chances of Canadian tariffs are low.”

The United States imports nearly 4 million barrels of crude oil per day from Canada, allowing U.S. producers to export more of their own oil. The CEO of the Canadian Association of Petroleum Producers said the tariffs would increase gasoline and energy costs for American consumers.

refer : bloomberg.com

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