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

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"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.”
— The Goldman Sachs report

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."
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