(Reuters) – President Donald Trump criticized Goldman Sachs CEO David Solomon on Tuesday, suggesting that the bank misjudged the effects of tariffs on both the economy and the stock markets.
In a post regarding the Truth Society, Trump remarked that it’s largely “corporates and government, many of them foreigners, picking up tabs.”
“But David Solomon and Goldman Sachs refuse to give credit where the credit comes,” he added.
While he didn’t detail which Goldman he was referring to, it’s known that Goldman took a pessimistic view on Trump’s tariffs. The investment bank from Wall Street chose not to comment on the situation.
According to Goldman Sachs Economics Research, US consumers will bear 22% of tariff costs through June. If current trends continue, that figure could climb to 67%.
“This indicates that US companies have shouldered over half of their tariff expenses so far, but that share will drop below 10%,” stated an analyst led by the chief economist.
Trump, in a somewhat humorous tone, remarked, “I think David should go outside and find himself a new economist.” A spokesperson from Goldman declined to comment.
This criticism follows shortly after Trump aimed similar critiques at Goldman, JPMorgan Chase, and Bank of America. The president has been vocal about his grievances with business leaders; just last week, he suggested that Intel CEO Lip-Bu Tan should resign, though he later offered praise after a meeting on Monday.
Since the onset of the trade war on February 1, during which Trump imposed tariffs on imports from Mexico, Canada, and China, at least 333 companies globally have reacted in various ways.
Tariffs are typically taxes placed on imports aimed at shielding domestic industries or influencing trade policies. Their economic impact can be felt by manufacturers, retailers, and consumers, depending on market conditions and supply chain dynamics.
Economists continue to analyze just how much of the tariff burden will ultimately be passed on to consumers in the form of higher prices.
