Headlines

Trump Attacks Goldman Sachs CEO Over Tariff Impact Analysis

Published AUG 13 2025

Story

Above: Goldman Sachs CEO David Solomon at the New York Stock Exchange on July 16, 2025. Image credit: Michael Nagle/Bloomberg/Getty Images

The Facts

President Donald Trump criticized Goldman Sachs CEO David Solomon on Tuesday, following a report published by the investment bank warning that the administration's tariffs would damage the economy.
New York Post
The Guardian
The research note by Goldman Sachs economist Jan Hatzius predicted that U.S. consumers would absorb up to 67% of the tariff's cost, up from 22% in June, if the tariffs follow the pattern of previous levies. Inflation, meanwhile, was forecast to rise to 3.2% year-over-year in December.
FOX News
Bloomberg.com
In a Truth Social post, Trump responded by defending his trade policy, arguing that the tariffs had "not caused Inflation, or any other problems for America, other than massive amounts of CASH pouring into our Treasury's coffers."
Donald Trump
According to U.S. Treasury data, revenue from customs and excise duties reached over $29.6 billion in July alone, while companies reported that Trump's tariffs had cost between $13.6 billion and $15.2 billion from July 16 to Aug. 8.
U.S. Department of the Treasury
The Guardian
Trump followed by accusing Solomon and Hatzius of failing to "give credit where credit is due," before commenting that the Goldman Sachs CEO should replace Hatzius or "just focus on being a DJ."
Donald Trump
Solomon previously performed as DJ D-Sol at high-profile events but abandoned moonlighting publicly as a DJ two years ago following pressure from Goldman Sachs' board of directors, but continues to perform privately at personal events.
New York Post
CNN

Sources Split

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The Spin

Pro-Trump narrative

The president's tariffs are working exactly as intended, bringing in massive amounts of revenue while making foreign companies foot the bill. As depicted in the data, these have had, and will have, no detrimental effect on the economy, inflation or American consumers. Goldman Sachs should acknowledge this success rather than persist with their laughable predictions.

Donald Trump

Anti-Trump narrative

Trump's chaotic trade policies are wreaking havoc on the U.S. economy. Despite the administration's bravado and outlandish claims, the cost of tariffs is ultimately borne by the consumer and the domestic economy, which, in America's case, is pushing inflation, weakening the job market and undermining U.S. manufacturing.

The Guardian