President Donald Trump has criticised Goldman Sachs and its chief executive officer, David Solomon, asserting that the bank made an inaccurate prediction regarding the impact of his administration’s tariff policies on markets and consumer costs. Trump conveyed his sentiments on his social-media platform, stating that Goldman Sachs refuses to acknowledge positive outcomes and that their past predictions on market repercussions and tariffs were incorrect.
The criticism follows a recent research note from Goldman Sachs economists indicating that the impact of Trump’s tariffs on consumer prices is beginning to be felt. According to the note, consumers in the United States have absorbed approximately 22 per cent of the tariff costs through June. However, this share is projected to rise to 67 per cent if the latest tariffs follow the pattern established by previous levies, according to researchers led by Jan Hatzius, Goldman Sachs’ chief economist.
Trump further suggested that Solomon should seek a new economist or focus on his hobby as a disc jockey, a reference to Solomon’s past-time as a DJ, which he suspended following criticism regarding his leadership of the bank’s strategy. Goldman Sachs Group is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base. The company advises on mergers and acquisitions, and also provides investing and lending services.
A spokesperson for Goldman Sachs, headquartered in New York, has declined to issue any comment regarding the President’s remarks.
