A potential US tariff on oil imports would hand consumers a $22 billion bill as higher costs get passed on, while doing little to stimulate domestic crude production, according to Goldman Sachs Group Inc.

Goldman Sachs said on Friday a proposed 10% U.S. oil tariff could cost foreign producers $10 billion per year, as Canadian and Latin American heavy crudes remain reliant on U.S. refiners due to limited alternative buyers and processing capabilities.

Goldman Sachs estimates that a proposed 10% U.S. oil tariff could lead to a $10 billion annual loss for foreign producers, posing a significant threat to Canadian and Latin American heavy crude suppliers that depend on U.

Goldman Sachs said that the “reciprocal tariff” plan is expected to impact India in three ways: a) Country-level reciprocity, b) Product-level reciprocity, and c) Reciprocity including non-tariff barriers.

Explore how US tariffs could reduce Indias GDP by up to 0.6 percentage points, affecting trade dynamics and export relationships.

India's GDP may be impacted by proposed US tariffs raising by an estimated 0.1 to 0.6 percentage points, as per Goldman Sachs analysis. The potential rise in tariffs by 6.5 to 11.5 percentage points on Indian imports may significantly affect India's trade dynamics with the US.

Goldman Sachs estimates that a proposed 10% U.S. oil tariff could cost foreign producers $10 billion per year, particularly impacting Canadian and Latin American crude exporters reliant on U.S. refiners.