This video examines the potential economic implications of upcoming tariffs introduced by former President Trump, as analyzed by Goldman Sachs. The firm anticipates a significant increase in core inflation, projected to reach 3.5% by 2025. Economic growth is expected to decelerate to 1%, while unemployment could rise to 4.5%. The risk of stagflation—a period of sluggish growth and high inflation reminiscent of past decades—might grow, alongside an increased likelihood of recession. Consequently, Goldman Sachs suggests the Federal Reserve may need to implement three rate cuts in 2025.