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.

The U.S. dollar steadied against major peers on Wednesday as investors continued to take stock of President-elect Donald Trump's tariff pledges, while keeping an eye on a key inflation figure out of the U.S. later in the day.

While China could offset American tariffs by letting its currency fall, that might endanger Beijing’s recent efforts to stabilize the economy.