U.S. President Donald Trump's pledge to impose a universal 10% tariff on imports and 60% on Chinese goods is likely only a starting point for negotiations, ratings agency S&P Global said in a note on Thursday.

Donald Trump says foreign nations will pay the costs of tariffs he imposes, but usually it's U.S. consumers who pick up the tab.

A number of U.S. companies whose products are imported from China are devising alternative plans to source their goods from elsewhere. President-elect Trump says he wants to impose 10 percent tariffs on most imports and 60 percent or more on Chinese goods.

According to Reuters, Trump proposed a 10% tariff on all U.S. imports and a 60% levy on Chinese-made products.

President-elect Donald Trump has vowed to impose massive new tariffs upon entering office on Jan. 20, calling them “the greatest thing ever invented.” And unlike some of his other campaign promises, he’s been consistent,