GOLDMAN SEES ‘SIGNIFICANT’ HIT TO US FROM TRUMP’S CANADA TARIFFS

Goldman Sachs has warned that the US will face "significant consequences" if President-elect Donald Trump imposes proposed tariffs on Canadian imports. The tariffs, which could be as high as 25%, would have a major impact on US consumers, particularly when it comes to fuel prices.

According to Daan Struyven, head of commodities research at Goldman Sachs, the tariffs would likely drive up fuel prices in the US. This is because Canada is a major supplier of crude oil to the US, with nearly 4 million barrels imported every day. Many US refineries are specifically configured to process Canadian crude, making it difficult to replace with other sources.

The proposed tariffs have been met with opposition from the oil industry, with many experts warning that they could harm consumers, the energy sector, and even national security. The Canadian Association of Petroleum Producers has also spoken out against the tariffs, warning that they would increase energy and gasoline costs for US consumers.

Goldman Sachs has expressed skepticism about the likelihood of the tariffs being implemented, given Trump's focus on keeping energy costs low. However, if the tariffs do go ahead, the consequences for the US could be significant.

The impact of the tariffs would be felt across the US, with consumers facing higher fuel prices and businesses facing increased costs. The tariffs could also have a negative impact on the US economy, particularly in states that rely heavily on Canadian crude.

In conclusion, the proposed tariffs on Canadian imports could have significant consequences for the US. With the potential for higher fuel prices, increased costs for businesses, and a negative impact on the economy, it is clear that the tariffs would be a major blow to the US.

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