US President Donald Trump is slamming the top executive of Goldman Sachs after the world’s second-largest investment bank by revenue warned that America’s new tariffs will hit consumer wallets.
In a note published last weekend, Goldman Sachs analysts, led by chief economist Jan Hatzius, said that US consumers already shouldered 22% of the tariff costs through June and the burden could still go up to 67% if the levies follow the patterns in previous years.
In a post on the social media platform Truth Social, Trump said that Goldman Sachs CEO David Solomon should replace the bank’s economist or resign, arguing that the Wall Street titan’s analysis is wrong.
“I think that David should go out and get himself a new Economist or, maybe, he ought to just focus on being a DJ, and not bother running a major Financial Institution.”
Trump says that the tariffs—taxes levied by the government on imported goods, typically to protect domestic industries and raise revenue—are bringing massive amounts of cash into the Treasury’s coffers and have not caused inflation or other problems for the US.
“[I]t has been shown that, for the most part, Consumers aren’t even paying these Tariffs, it is mostly Companies and Governments, many of them Foreign, picking up the tab.
But David Solomon and Goldman Sachs refuse to give credit where credit is due. They made a bad prediction a long time ago on both the Market repercussions and the Tariffs themselves, and they were wrong, just like they are wrong about so much else.”
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