President Trump Rejects Bank's "Bad Prediction" on Tariff Costs

“Bad Prediction” on Tariff Costs
Goldman Sachs’s Tariff Analysis Draws Fire
Fnancial loss of $13.6 billion to $15.2 billion

President Donald Trump publicly criticized Goldman Sachs CEO David Solomon on Tuesday, stating the bank was wrong to predict that tariffs would harm the economy.

Eko Hot Blog reports that, In a post on Truth Social, President Trump questioned the leadership of Goldman Sachs’ CEO, David Solomon, and asserted that the Wall Street bank had made a “bad prediction” about the tariffs.

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Trump claimed that foreign companies and governments, not U.S. consumers, were the ones bearing the cost of his tariffs, and that the bank was wrong in its forecast about the market’s reaction and the tariffs themselves.

David Solomon, the Chief Executive Officer of Goldman Sachs

Trump also suggested that Goldman Sachs CEO David Solomon should “focus on being a DJ” instead of running the bank. Solomon is the latest corporate leader to face the President’s public criticism, and neither Goldman Sachs nor the White House offered an immediate comment.

While Trump did not specify which Goldman Sachs research he was referencing, the Wall Street bank has, like many of its competitors, taken a negative view on Trump’s tariffs. In a note published on Sunday, Goldman Sachs analysts, led by chief economist Jan Hatzius, reported that by June, U.S. consumers had absorbed 22% of tariff costs, and that figure could climb to 67% if the tariffs continue at their current rate.

In response, Trump publicly wrote, “I think that David should go out and get himself a new economist.” Hatzius declined to comment on the matter.

This pattern of public feuding is not new for the President. Goldman Sachs also issued a warning in April that widespread U.S. tariffs could put a strain on global growth and might compel the Federal Reserve to cut interest rates more aggressively than anticipated.

Just last week, Trump demanded the resignation of Intel chief Lip Bu-Tan over his business ties to Chinese firms, and he has consistently criticized Apple boss Tim Cook for manufacturing iPhones sold in the U.S. in other countries.

In addition to Goldman Sachs, Trump has also accused other Wall Street banks, including JP Morgan and Bank of America, of discriminating against him. Without providing evidence, he claimed they refused to accept his deposits after his first term.

Meanwhile, a Reuters global tariff tracker indicates that since Trump began implementing trade tariffs on February 1st, at least 333 companies worldwide have reacted to the new levies.

As the second quarter earnings season progresses, companies have reported a combined financial loss of $13.6 billion to $15.2 billion for the full year, a direct result of Trump’s tariffs. This data was collected between July 16 and August 8.

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