SINGAPORE: Goldman Sachs Group Inc has delivered a comprehensive critique of Donald Trump’s planned metal tariffs, saying that they risk damaging the world’s biggest economy by raising costs just as price pressures build, hurting allies more than others, and creating a two-tier global market.

“Import tariffs make the US less competitive by raising the prices of raw materials,” the New York-based bank said in a report received yesterday.

It added: “By imposing across-the-board tariffs to all steel and aluminum imports, the larger economic impact is on Canada, Mexico and the EU, and it ironically eases the economic impact to China and Russia.”

Trump’s plan has ignited a firestorm of opposition, with criticism from around the globe, senior members of his own party, and top manufacturers including Ford Motor Co.

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