WASHINGTON:
US President Donald Trump has criticised Goldman Sachs CEO David Solomon, saying the bank made a “bad prediction” regarding the impact of his tariff policies on US consumers.
Trump posted on his social media platform Truth Social that “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 further said.
“David should go out and get himself a new economist, or maybe he ought to just focus on being a disco jockey (DJ), and not bother running a major financial institution,” he added.
Trump expressed dissatisfaction with the bank but did not provide a reason. His remarks followed a Sunday note from a Goldman Sachs economist, which indicated that the impact of the new tariffs on consumer prices was just starting to show.
Consumers in the US have borne about 22 per cent of tariff costs up to June, and if the latest tariffs follow previous patterns, their share could increase to 67 per cent, as per Goldman Sachs estimates.
According to multiple media reports, US President Trump’s trade adviser Peter Navarro also slammed the financial institution, saying, “The only entity that has less respect in terms of their data than the US Bureau of Labour Statistics these days is Goldman Sachs.”
Trump’s statement followed data released on Tuesday showing that underlying inflation rose in July, despite a slower increase in goods prices. This reduced concerns over tariff-related price pressures and increased expectations for a Federal Reserve rate cut in September.
US President Trump had imposed 25 per cent tariffs on Indian goods, citing high trade barriers. On August 6, he threatened to increase it to 50 per cent, citing that India continues to buy Russian oil.
The US is demanding zero duty access for all its products into India, unwilling to offer any concessions on sectoral tariffs, such as 50 per cent in case of steel, aluminium and copper and 25 per cent for automobile and auto parts.
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