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.”

And Republican opposition to Trump's tariffs has dominated media coverage:

• N.Y. Times lead story: "Trump Resolute As G.O.P. Leaders Criticize Tariffs: Intense Maneuvering — Ryan Voices His Concern Over 'Consequences of a Trade War.'"
• WashPost lead story: "Trump's tariffs face GOP pushback."
• Wall Street Journal lead story: "Trump's Tariffs Spark a GOP rift."
• L.A. Times lead story: "Trump adds tariff carrot to his threats over NAFTA: He suggests Canada, Mexico could avoid new duties on metals if they concede to the U.S. in trade talks."