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.

The proposed tariffs on China, Canada and Mexico could raise prices for United States consumers, according to Goldman.

Oil prices could drop to the low $60s by the end of 2026 if demand takes a hit from Trump's sweeping tariffs, Goldman Sachs says.