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.

Economists worry that Trump's tariff plan will raise the prices of a range of imported goods, from cars to electronics.

Mexico said Wednesday the United States will be shooting itself in the foot if President-elect Donald Trump implements his threats to impose 25-percent tariffs on Mexican imports.He said he would charge 25 percent tariffs on Mexican and Canadian imports and 10 percent on Chinese goods "above any additional tariffs" on the world's second-biggest economy.