On Tuesday, President Donald Trump suggested that David Solomon, the CEO of Goldman Sachs, should consider returning to his DJ career and distance himself from investment banking, especially after Solomon warned that American consumers would soon bear the financial burden of rising prices linked to tariffs.
According to Trump, households might end up paying 64% of the costs associated with these tariffs, having already shouldered 22% as of June, based on a revised analysis by Goldman’s chief economist, Jean Hatzius.
In a post on Truth Social, Trump remarked, “Perhaps David should reinvent himself as a DJ. Or focus solely on that instead of managing a financial institution.”
This jab at Solomon highlighted his side gig as DJ D-Sol.
Earlier this year, Trump criticized Goldman for what he called incorrect forecasts suggesting that tariffs could trigger an economic recession.
However, last month, the bank revised its recession probability from 60% down to 30% after the rollout of the “liberation day” in April.
Trump stated, “David Solomon and Goldman Sachs refuse to acknowledge the credit they owe.”
He added that their earlier predictions regarding both tariff impacts and market responses were misjudged, claiming they’ve been wrong on several fronts.
Goldman Sachs opted not to respond to these remarks.
In his post, Trump also accused Solomon of neglecting to recognize the benefits that tariffs could bring.
Trump claimed to have injected “trillions of dollars” into American funding, which appears to contradict recent Treasury data showing that the tariffs collected between April and June amounted to $64 billion.
Treasury Secretary Scott Bessent has projected that tariffs might yield around $300 billion by year’s end.
Solomon has maintained a dual career as both a prominent banker and a DJ, performing at major events and even releasing a track that made it to the Billboard charts.
While he appears to be focusing more on his Wall Street role in 2023, he still finds time for personal DJ performances.
Recent data published on Tuesday indicated that inflation held steady in July, with the annual consumer price index registering at 2.7%.
Core inflation, which excludes food and energy prices, increased from 2.9% in the previous month to 3.1% in July.
Food prices saw a year-on-year rise of 2.9%, used car prices increased by 4.8%, while gasoline prices declined by 9.5%.
