Trump Hits Out at Goldman Sachs Over ‘Bad’ Tariff Prediction
Trump Attacks Goldman Sachs CEO Over Tariff Predictions, Suggests Return to DJing
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Donald Trump launched a scathing attack on Goldman Sachs CEO David Solomon Tuesday, criticizing the bank’s economic forecasts regarding his tariffs and questioning Solomon’s leadership. The outburst is the latest in a series of public rebukes of corporate leaders by the former president.
Trump’s Criticism of Goldman Sachs and David Solomon
In a post on Truth Social, Trump accused Goldman sachs of being “wrong” in predicting the negative economic impact of his tariffs. He claimed that foreign companies and governments, rather than American consumers, were primarily bearing the cost. “But David Solomon and Goldman Sachs refuse to give credit where credit is due. they made a bad prediction…on both the Market repercussion and the Tariffs themselves,” Trump wrote.
The attack took a personal turn, wiht Trump suggesting Solomon should return to his former hobby as a DJ, stating he should “not bother running a major Financial Institution.” This echoes a pattern of Trump targeting individuals with personal attacks when facing criticism.
Goldman Sachs’ Stance on Trump’s tariffs and Economic Impact
Goldman Sachs, like many financial institutions, has consistently maintained a cautious outlook on the economic consequences of Trump’s tariff policies. Recent analysis,led by chief economist Jan Hatzius,indicates that US consumers have already absorbed 22% of tariff costs as of June,with a potential rise to 67% if the tariffs continue at the current rate.
In a note published Sunday, Goldman sachs analysts warned that sweeping US tariffs would likely dampen global growth and perhaps prompt the Federal Reserve to lower interest rates more aggressively than previously anticipated. trump dismissed this analysis, stating, “I think that David should go out and get himself a new economist.” Hatzius declined to comment on the former president’s remarks.
Broader Pattern of Attacks on Corporate leaders
Trump’s criticism of Solomon is not isolated. He recently demanded the resignation of Intel’s Lip Bu-Tan over ties to Chinese firms and has repeatedly criticized Apple CEO Tim Cook for manufacturing iPhones outside the US. He has also made unsubstantiated allegations against JP Morgan and Bank of America, claiming they discriminated against him by refusing his deposits after his first term.
These attacks raise concerns about the potential for political interference in business and the chilling effect on corporate leaders willing to publicly offer assessments that differ from the former president’s views.
Financial Impact of Trump’s Tariffs
according to a Reuters global tariff tracker, at least 333 companies worldwide have been impacted by Trump’s tariffs since February 1st, when he initiated trade wars with levies on imports from Mexico, Canada, and China.
Companies have reported a combined financial hit of $13.6 billion to $15.2 billion for the full year between july 16th and August 8th as a direct result of the tariffs. This data underscores the tangible economic consequences of the trade policies Trump championed during his presidency.
Goldman Sachs declined to comment on Trump’s statements. The White House has not yet responded to a request for comment.