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.

Exit polls taken on Election Day showed that nearly ⅓ of voters ranked the economy as their top issue. Throughout his campaign, Trump played heavily on voters’ economic concerns, promising to lower grocery and gas prices amid a cost-of-living crisis.

The proposed tariffs on China, Canada and Mexico could raise prices for United States consumers, according to Goldman.