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.

The president-elect said that he would impose the across-the-board tariffs on Day 1 and that they would stay in place until Canada, Mexico and China halted the flow of drugs and migrants.