Jeffrey Currie, global head of commodities research at Goldman Sachs, shared his views on oil and metals prices and President Donald Trump's agenda in an interview Tuesday on CNBC's "Power Lunch."

On Trump's potential border adjustment tax: "You do end up with higher gasoline prices. So the question is who is ultimately going to pay for this tax? It's going to end up being U.S. consumers," he said.

On commodities: "Where we are in the [business] cycle is the primary reason why we're bullish on commodities," Currie said. "We like copper and iron ore. ... Our outlook on metals right now is really based upon capex expenditures and improvement in the industrial manufacturing cycle."

He also discusses:



The Keystone pipeline

Stocks versus commodities

Oil

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