Goldman Sachs: Trump's tariffs hurt allies more than China and Russia

"Goldman Sachs Group Inc. delivered a comprehensive critique of Donald Trump’s planned metal tariffs, saying they risk damaging the world’s biggest economy by raising costs just as price pressures build [and] hurting allies more than others," Bloomberg's Jasmine Ng writes.

“Import tariffs make the U.S. less competitive by raising the prices of raw materials. By imposing across-the-board tariffs to all steel and aluminum imports, the larger economic impact is on Canada, Mexico and the EU, and it ironically eases the economic impact to China and Russia.”