Back to today’s briefing

Story perspectives

Goldman Sachs: Trump's Tariffs Could Cost U.S. $40 Billion

9/24/2025

47 4 Full Breakdown

Summary

Goldman Sachs Warns

Goldman Sachs warns tariff dodging could cost the U.S. $40 billion annually under Trump's new import levies, including a 10% baseline tariff.
Tariffs incentivize underreporting and transshipment through lower-rate countries, affecting more than $200 billion in annual imports.
OECD warns measures slow the global economy as Chinese exports redirect; Apple shifts production to India; Canada and Southeast Asia seek diversification.

Summary

Turkey Lifts Tariffs

Turkey lifts tariffs on U.S. imports ahead of President Recep Tayyip Erdogan's meeting with President Donald Trump.
Tariffs dated to 2018 after U.S. steel and aluminum duties were doubled by Trump.
The Turkish trade ministry targets $100 billion in U.S.-Turkey trade, up from about $30 billion.
Turkey also imposes a 25-30% duty on passenger cars from non-EU countries.

History

Historical Context

In 2018, the U.S. imposed tariffs on steel and aluminum, prompting Turkey to retaliate, which significantly affected their $30 billion trade relationship. This escalation mirrors Turkey's strategic pivot towards Russia, highlighted by its 2017 S-400 missile deal. Ongoing trade tensions may hinder global economic recovery and reshape international supply chains, with Goldman Sachs warning of potential $40 billion losses.

1 of 3

Goldman Sachs Warns

Goldman Sachs warns tariff dodging could cost the U.S. $40 billion annually under Trump's new import levies, including a 10% baseline tariff.
Tariffs incentivize underreporting and transshipment through lower-rate countries, affecting more than $200 billion in annual imports.
OECD warns measures slow the global economy as Chinese exports redirect; Apple shifts production to India; Canada and Southeast Asia seek diversification.

1 / 3