US President Donald Trump has publicly criticized Goldman Sachs CEO David Solomon and the bank’s chief economist, Jan Hatzius, over their predictions about the impact of his tariffs on US consumers.
Trump said Solomon should either replace Hatzius or “just focus on being a DJ.” This comes after Hatzius warned that American consumers will end up absorbing an increasing share of the cost of Trump’s tariffs.
According to Goldman Sachs’ research, US consumers had absorbed 22% of tariff costs through June but are likely to absorb 67% by October. The bank’s economist predicted this based on past data and trends.
Trump has been touting what he calls “massive” revenue being collected by the federal government due to his tariff policies. However, economists continue to warn that the full effects of Trump’s tariffs have yet to be felt.
The Treasury Department reported a surge in tariff revenue in July, rising to nearly $28 billion. Despite this, inflation has continued to increase, though consumer prices accelerated slightly less than expected.
It remains unclear who Trump will replace Hatzius with or whether Solomon will step aside to focus on his DJing career. A Goldman spokesperson declined to comment on Trump’s social media post.
Source: https://www.cnbc.com/2025/08/12/trump-solomon-goldman-sachs-economist-tariffs.html