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.

Economists worry that Trump's tariff plan will raise the prices of a range of imported goods, from cars to electronics.

Mexico’s new president is warning that her country could retaliate against the US with tariffs of its own and several major companies have said consumers would pay much of the costs for any tariffs.