US President Donald Trump has publicly criticized Goldman Sachs CEO David Solomon, saying the bank’s forecast that US tariffs would harm the economy was incorrect and questioning his leadership. In a post on Truth Social, Trump claimed foreign companies and governments are absorbing most of the tariff costs but stated Goldman Sachs refused to acknowledge this.
Trump also mocked Solomon by suggesting he should focus on DJing, as he had abandoned it in the past. The incident follows a pattern of Trump targeting corporate leaders, including Intel CEO Lip Bu-Tan and Apple boss Tim Cook, over their ties or actions related to Chinese firms.
Goldman Sachs analysts led by Jan Hatzius previously predicted that US consumers would absorb 22% of tariff costs by June, which could rise to 67%. The bank has warned sweeping tariffs could harm global growth. As the second quarter earnings season progresses, companies have reported a combined financial hit of $13.6bn to $15.2bn due to Trump’s tariffs.
The incident is the latest in a series of public feuds between Trump and top corporate leaders on Wall Street, with no official comment from Goldman Sachs or the White House yet available.
Source: https://www.theguardian.com/us-news/2025/aug/12/trump-goldman-sachs-chief-david-solomon