Trump slams Goldman Sachs CEO’s ‘bad prediction’ on tariff impact

August 13, 2025

New Delhi: US President Donald Trump has taken aim at Goldman Sachs CEO David Solomon, accusing the bank of making a “bad prediction” regarding the impact of his tariff policies on American consumers.

Trump Questions Bank’s Economic Forecasting
In a post on his social media platform Truth Social, Trump stated, “David Solomon and Goldman Sachs refuse to give credit where credit is due.” He added, “They made a bad prediction a long time ago on both the market repercussions and the tariffs themselves, and they were wrong, just like they are wrong about so much else.”

Personal Jab at CEO
Trump also suggested Solomon should “go out and get himself a new economist, or maybe he ought to just focus on being a disco jockey (DJ), and not bother running a major financial institution.” While expressing dissatisfaction with the bank, Trump did not provide further details.

Goldman Sachs: Tariff Costs Impacting Consumers
The remarks came after a Sunday note from a Goldman Sachs economist, highlighting that the effect of new tariffs on consumer prices was only beginning to appear. According to the bank’s estimates, US consumers have absorbed around 22% of tariff costs up to June, which could rise to 67% if recent tariffs follow previous trends.

Trade Tensions with India Escalate
Trump had previously imposed 25% tariffs on Indian goods, citing high trade barriers, and threatened to raise them to 50% on August 6, referencing India’s continued purchase of Russian oil. The US is demanding zero-duty access for all its products into India, without offering concessions on sector-specific tariffs, including steel, aluminium, copper, automobiles, and auto parts.

Economic Indicators and Market Reactions
The statement followed July data showing underlying inflation in the US rose despite slower goods price growth, easing concerns over tariff-related price pressures while boosting expectations for a Federal Reserve rate cut in September.

Political Support from Trade Adviser
US trade adviser Peter Navarro also criticized Goldman Sachs, stating, “The only entity that has less respect in terms of their data than the US Bureau of Labour Statistics these days is Goldman Sachs.”