US President Donald Trump has lashed out at Goldman Sachs CEO David Solomon, blaming the bank for making a "bad prediction" on the impact of his tariff policies on US consumers.
On his social media platform Truth Social, Trump said, "David Solomon and Goldman Sachs refuse to give credit where credit is due."
"They got it wrong a long time ago on the market impact as well as on the tariffs themselves, and they were wrong, just as they are so wrong about everything else," he said.
Trump then went further, implying, "David should go out and hire a new economist, or perhaps he should just stick to being a disco jockey (DJ), and not try to run a large financial institution."
Though Trump vented his frustration at the bank, he refused to give further details. His remarks followed a Goldman Sachs economist note on Sunday in which the impact of the new tariffs on consumer prices was only starting to show.
Goldman Sachs puts the estimate at US consumers having picked up approximately 22 per cent of tariff expenses by June. Depending on how the new tariffs trend, their portion might increase to 67 per cent.
Media sources mentioned that Trump's trade advisor, Peter Navarro, also denounced the financial institution, indicating, "The only institution that has less respect when it comes to their data than the US Bureau of Labour Statistics nowadays is Goldman Sachs.
Trump's comments came after data released on Tuesday indicated that underlying inflation rose in July, even as growth in goods prices slowed. This has alleviated worries about tariff-related price pressures and raised hopes for a Federal Reserve rate reduction in September.
Earlier, Trump had levied 25 per cent duties on Indian products on the grounds of high trade barriers. On August 6, he issued a warning to increase the tariff to 50 per cent as India continued to import Russian oil.
The US has asked for zero-duty access for all its goods to India and has not agreed to provide concessions on sector-specific tariffs like 50 per cent on steel, aluminium, and copper, and 25 per cent on cars and auto components.
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