Trump criticizes Goldman Sachs over tariff predictions

Investing.com -- President Trump criticized Goldman Sachs and its CEO David Solomon on Tuesday for their predictions about tariffs, claiming the investment bank was wrong about the market impact of his trade policies.

In a post on Truth Social, Trump stated that "Trillions of Dollars are being taken in on Tariffs, which has been incredible for our Country, its Stock Market, its General Wealth, and just about everything else."

The president asserted that tariffs have not caused inflation or other problems for the country, instead bringing "massive amounts of CASH (TSX:CASH) pouring into our Treasury’s coffers." He also claimed that consumers aren’t paying these tariffs, but rather "Companies and Governments, many of them Foreign, picking up the tabs."

Trump specifically targeted Goldman Sachs CEO David Solomon, suggesting he "should go out and get himself a new Economist or, maybe, he ought to just focus on being a DJ, and not bother running a major Financial Institution."

The comments came as new data showed U.S. consumer prices increased moderately in July. The consumer price index rose 0.2% last month after gaining 0.3% in June. In the 12 months through July, the CPI advanced 2.7%, unchanged from June’s annual rate. Economists had forecast the CPI rising 0.2% month-over-month and increasing 2.8% year-on-year.

Despite the moderate overall inflation reading, a measure of underlying inflation posted its largest gain in six months, with rising costs for goods attributed to import tariffs.

You May Also Be Interested In