Trump slams Goldman Sachs & its CEO over tariff predictions, says get a new economist

U.S. President Donald Trump on Tuesday criticized Goldman Sachs (NYSE:GS) and its top boss David Solomon for what he said was a “bad prediction” on tariffs and their effect on the stock market. He asserted that tariffs “have not caused inflation” and said Solomon should “get himself a new economist.”

Trump’s remarks came hours after government data showed a hotter-than-anticipated Y/Y rise in consumer prices in July. The overall inflation report indicated that tariffs were having a pass-through effect on prices, though at a slower rate than anticipated.

“Tariffs have not caused Inflation, or any other problems for America, other than massive amounts of CASH pouring into our Treasury’s coffers. Also, it has been shown that, for the most part, Consumers aren’t even paying these Tariffs, it is mostly Companies and Governments, many of them Foreign, picking up the tabs,” the president said on his Truth Social service.

“But David Solomon and Goldman Sachs refuse to give credit where credit is due. They made a bad prediction a long time ago on both the Market repercussion and the Tariffs themselves, and they were wrong, just like they are wrong about so much else,” Trump said.

“I think that David 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,” he added.

Goldman Sachs did not immediately respond to a request for comment from Seeking Alpha.

Trump’s comments come a day after Bloomberg News reported that Goldman Sachs analysts, including chief economist Jan Hatzius, see U.S. consumers bearing the brunt of Trump’s tariffs.

Tuesday’s CPI report led market participants to raise their Federal Reserve rate cut expectations, stoking positive sentiment and sending Wall Street to a record high. Here are some exchange-traded funds that track the benchmark S&P 500 index (SP500): (NYSEARCA:SPY), (NYSEARCA:VOO), (NYSEARCA:IVV), (NYSEARCA:RSP), (NYSEARCA:SSO), (NYSEARCA:UPRO), (NYSEARCA:SH), (NYSEARCA:SDS), and (NYSEARCA:SPXU).