\n\t\t\t\t\t\tDays after Goldman Sachs\u2019 top economists published research claiming price increases stemming from higher tariffs are poised to soon be borne mostly by consumers, President Donald Trump is urging the bank\u2019s CEO, David Solomon, to get a new economist.\u201cTariffs have not caused Inflation, or any other problems for America, other than massive amounts of CASH pouring into our Treasury\u2019s coffers,\u201d Trump wrote in a Truth Social post on Tuesday. \u201cDavid Solomon and Goldman Sachs refuse to give credit where credit is due.\u201d\u201cI think that David should go out and get himself a new Economist or, maybe, he ought to just focus on being a DJ, and not bother running a major Financial Institution,\u201d Trump added.Solomon previously performed regularly at high-profile events. However, facing pressure from the bank\u2019s board, he gave up his DJing side gig two years ago.A report Goldman Sachs economists published over the weekend estimated Americans \u201cabsorbed 22% of tariff costs through June,\u201d but that this share will rise to 67% by October if tariffs \u201cfollow the same pattern as the earliest ones.\u201d Trump did not specifically reference that report in his post, however.Goldman Sachs declined to comment on the president\u2019s remarks.The bank\u2019s chief economist, Jan Hatzius, is one of the most followed economists both in Washington, where he\u2019s met with former President Joe Biden and Federal Reserve Chair Jerome Powell, and on Wall Street.Hatzius, an author of the report predicting the share of tariff costs consumers will cover, was an outlier in most circles of economists in 2023 for correctly predicting the US economy wouldn\u2019t enter a recession.On tariffs, Hatzius\u2019 team\u2019s forecasts share similarities with that of other leading financial institutions that are warning that consumers will experience tariff-related sticker shock. However, that hasn\u2019t been the case so far despite a slew of higher tariffs Trump has enacted over the past few months.New inflation data published Tuesday showed consumer prices rose 0.2% in July, keeping the annual inflation rate at 2.7%, according to the latest Consumer Price Index.\n\t\t\t\t\t<\/p>\n
Days after Goldman Sachs\u2019 top economists published research claiming price increases stemming from higher tariffs are poised to soon be borne mostly by consumers, President Donald Trump is urging the bank\u2019s CEO, David Solomon, to get a new economist.<\/p>\n
\u201cTariffs have not caused Inflation, or any other problems for America, other than massive amounts of CASH pouring into our Treasury\u2019s coffers,\u201d Trump wrote in a Truth Social post on Tuesday. \u201cDavid Solomon and Goldman Sachs refuse to give credit where credit is due.\u201d<\/p>\n
\u201cI think that David should go out and get himself a new Economist or, maybe, he ought to just focus on being a DJ, and not bother running a major Financial Institution,\u201d Trump added.<\/p>\n
Solomon previously performed regularly at high-profile events. However, facing pressure from the bank\u2019s board, he gave up his DJing side gig two years ago.<\/p>\n
A report Goldman Sachs economists published over the weekend estimated Americans \u201cabsorbed 22% of tariff costs through June,\u201d but that this share will rise to 67% by October if tariffs \u201cfollow the same pattern as the earliest ones.\u201d Trump did not specifically reference that report in his post, however.<\/p>\n
Goldman Sachs declined to comment on the president\u2019s remarks.<\/p>\n
The bank\u2019s chief economist, Jan Hatzius, is one of the most followed economists both in Washington, where he\u2019s met with former President Joe Biden and Federal Reserve Chair Jerome Powell, and on Wall Street.<\/p>\n
Hatzius, an author of the report predicting the share of tariff costs consumers will cover, was an outlier in most circles of economists in 2023 for correctly predicting the US economy wouldn\u2019t enter a recession.<\/p>\n
On tariffs, Hatzius\u2019 team\u2019s forecasts share similarities with that of other leading financial institutions that are warning that consumers will experience tariff-related sticker shock. However, that hasn\u2019t been the case so far despite a slew of higher tariffs Trump has enacted over the past few months.<\/p>\n