Economists at Goldman Sachs Group have analyzed the potential economic impact of a Republican or Democratic victory in the U.S. in the November general election and warned that U.S. GDP would face a hit if Trump wins. Goldman said no further tariff increases are expected if Harris wins, and economists at the bank wrote that Trump could raise tariffs on China, the European Union and Mexico, which would cause inflation to spike, with a peak impact of 30 to 40 basis points on the Fed's favored price measure. The additional 10 percent across-the-board tariff proposed by Republican candidates would have a bigger impact, though it would take longer.