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Goldman Sachs has cut its 2025 US economic growth projection to 1.7% due to increased tariffs imposed by President Trump. With tariffs set to double, consumer prices are likely to rise, reducing purchasing power.

Goldman Sachs analysts have lowered their forecast for the S&P 500 this year following a broad sell-off to start this week amid uncertainty around the Trump administration's proposed tariffs and the economic outlook.

Goldman Sachs is the latest economic forecasting team to downgrade its outlook as Trump's tariffs are expected to weigh on growth and boost inflation.

Goldman Sachs has trimmed its 2025 year-end target for the S&P 500 Index to 6,200 from 6,500 in a note dated March 11, citing policy uncertainty largely related to tariffs and concerns about the economic growth outlook.