NEW DELHI— U.S. President Donald Trump sharply criticized Goldman Sachs CEO David Solomon on Tuesday, accusing the Wall Street bank of making a “bad prediction” about the economic impact of his tariff policies.
In a post on Truth Social, Trump said, “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.” He went on to suggest that Solomon “ought to just focus on being a disco jockey” rather than running a major financial institution.
Trump’s comments came after a Sunday research note from a Goldman Sachs economist concluded that the consumer impact of recently imposed tariffs was beginning to emerge. The bank estimated that U.S. consumers had absorbed about 22% of tariff costs through June, with the share potentially rising to 67% if the latest measures follow historical trends.
White House trade adviser Peter Navarro echoed the president’s criticism, saying, “The only entity that has less respect in terms of their data than the U.S. Bureau of Labor Statistics these days is Goldman Sachs.”
Trump’s remarks coincided with data showing that U.S. core inflation rose in July despite a slower pace of goods price increases. The figures tempered concerns over tariff-driven price pressures and boosted expectations for a potential Federal Reserve interest rate cut in September.
The tariff debate has also spilled over into U.S.–India trade relations. Trump has already imposed 25% tariffs on Indian goods, citing high trade barriers, and on August 6 threatened to double the rate to 50% over India’s continued purchase of Russian oil. Washington is seeking zero-duty access for all U.S. exports to India while declining to offer concessions on steep sectoral tariffs — including 50% for steel, aluminum, and copper, and 25% for automobiles and auto parts. (Source: IANS)
