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.

US consumers face “significant consequences” from President-elect Donald Trump’s proposed tariffs on Canada, according to Goldman Sachs Group Inc., with the bank casting doubt over its implementation.

Put simply, tariffs are a tax on imports. Here's what Donald Trump did with them in his first term and how they impact the economy.

Justin Trudeau, Canada's prime minister, told reporters on Tuesday that he had a "good" conversation with Trump following the president-elect's post.