Trump tells Goldman Sachs CEO to hire a new economist after bank says consumers will pay bulk …
Former President Donald Trump has taken aim at Goldman Sachs after the bank’s economists suggested that U.S. consumers will soon bear most of the costs from higher tariffs.
In a post on Truth Social this Tuesday, Trump urged Goldman Sachs CEO David Solomon to “get a new economist,” dismissing the bank’s findings.
“Tariffs have not caused inflation, or any other problems for America — except for bringing massive amounts of cash into the Treasury,” Trump wrote. “David Solomon and Goldman Sachs refuse to give credit where it’s due.”
Taking a swipe at Solomon’s past hobby, Trump added, “Maybe he should just focus on being a DJ and not bother running a major financial institution.” Solomon, who once performed at high-profile events as a DJ, stepped away from that role two years ago under board pressure.
The comments come after Goldman Sachs economists released a weekend report estimating that U.S. consumers have so far absorbed 22% of tariff costs. They project that share could rise to 67% by October if current tariff patterns continue.
Trump didn’t directly reference the report, but Goldman Sachs declined to comment on his remarks. The bank’s chief economist, Jan Hatzius — a well-respected figure in Washington and Wall Street — authored the analysis. Hatzius is known for accurately predicting in 2023 that the U.S. would avoid a recession, going against many peers.
While Hatzius and other leading economists warn that consumers could face tariff-related price jumps, inflation data released Tuesday told a different story for now: consumer prices rose just 0.2% in July, keeping the annual inflation rate at 2.7%.
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