'Get New Economist — Or Stick Being DJ...': Donald Trump Slams Goldman Sachs CEO Over Tariff Predictions

US President Donald Trump launched a sharp attack on Goldman Sachs Group Inc. Chief Executive Officer David Solomon on Tuesday, accusing the Wall Street giant of making wrong predictions about the impact of his tariffs on markets and consumer prices.

“David Solomon and Goldman Sachs refuse to give credit where credit is due,” Trump wrote on his social media platform. “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.”

Trump’s comments came shortly after Goldman Sachs economists, led by chief economist Jan Hatzius, released a research note saying the impact of tariffs on US consumer prices was only starting to show.

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‘Get New Economist’ - Donald Trump

According to the note, consumers have so far absorbed an estimated 22% of tariff costs through June, a figure that could rise to 67% if new tariffs follow the pattern of previous years.

In a personal jab, Trump suggested Solomon should “get himself a new economist” or “just focus on being a DJ and not bother running a major financial institution,” referencing the CEO’s hobby as a disc jockey. Goldman Sachs declined to comment on the president’s remarks.

White House trade adviser Peter Navarro also criticised Goldman Sachs in a Bloomberg Television interview, saying, “The only entity which has less respect in terms of their data than the BLS these days is Goldman Sachs,” referring to the Bureau of Labour Statistics.

Donald Trump Criticised Major US Banks

Trump’s criticism adds to a string of attacks on major US banks, including JPMorgan Chase and Bank of America, which he has accused—without evidence—of denying services to clients for political reasons. Despite the tensions, the banking sector stands to gain from his deregulation push and potential lower capital requirements.

The spat comes less than two weeks after Trump met Solomon at the White House to discuss Goldman’s possible role in the planned initial public offering of government-controlled mortgage giants Fannie Mae and Freddie Mac.

The president’s post followed US inflation data released Tuesday, showing underlying prices rose in July, but goods prices increased at a slower pace. That tempered concerns about tariffs driving up costs and bolstered expectations of a Federal Reserve rate cut in September.