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Trump's new tariffs are about to hammer American wallets a?? and Goldman Sachs says the US economy may not recover for years

Trump's new tariffs are about to hammer American wallets a?? and Goldman Sachs says the US economy may not recover for years
Jessica Rinaldi/Reuters



Trump's trade war is hammering US growth and is set to raise consumer prices, according to Goldman Sachs economists.




"Last week we nudged down our growth forecasts for Q3, Q4, and 2020 Q1 by 0.1 percentage point, and now expect growth of 2.0%, 1.7%, and 2.2%, respectively."




The bank also said that real GDP growth will continue to decline until the end of the year, and won't recover to pre-trade war levels till mid-2021.




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Trump's trade war with China will hurt American wallets and damage real economic growth for years to come, according to Goldman Sachs.
"The most recent proposed tariff escalation would boost US consumer prices slightly further than previously estimated and would reduce US growth slightly further as well," economists at the bank including Andrew Tilton and Alec Phillips wrote in a report dated August 26.
The rise in consumer prices would be felt by ordinary Americans, as the price of goods would go up. The latest proposed tariffs due to kick in on September 1 will include items like apparel, footwear, electronics, and TVs.
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