The President accused Goldman Sachs and Solomon of wrongly predicting that tariffs would hurt the U.S. economy and markets.
President Donald Trump bore down on Goldman Sachs (GS) CEO David Solomon on Tuesday in a Truth Social post, saying he should “focus on being a DJ” rather than running the bank.
The President accused Solomon and Goldman of wrongly predicting that tariffs would hurt the U.S. economy and markets. Trump said the policy has instead boosted the stock market, national wealth, and Treasury revenues without causing inflation. He argued that foreign governments and companies, not U.S. consumers, bear most of the tariff costs.
Goldman’s stock rose over 3.6% in midday trade on Tuesday. Retail sentiment about GS stock on Stocktwits improved to ‘bullish’ from ‘neutral’ territory a day ago.
“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 repercussions and the tariffs themselves, and they were wrong, just like they are wrong about so much else,” Trump wrote on Truth Social.
“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 said.
Trump’s remarks come after July’s inflation report showed that the consumer price index (CPI) held steady at 2.7%. Analysts at Goldman Sachs had projected a 2.8% year-over-year rise in the CPI, up from 2.7% in June. However, core inflation, which excludes food and energy, was expected to rise to 3.08% and came in higher at 3.1%.
Solomon has repeatedly sounded alarm bells over Trump’s tariff policies, saying that business leaders are holding back investment due to rising uncertainty. However, Trump did not explain why he was upset with Goldman, but his comments came after a research note from the bank’s economists warned that the inflationary impact of tariffs was only beginning to show. They estimated U.S. consumers had absorbed about 22% of tariff costs through June, a figure that could rise to 67% if the latest levies follow past patterns.
Meanwhile, U.S. equity markets gained after July inflation data showed price growth holding steady. The SPDR S&P 500 ETF (SPY) rose 0.56%, and the SPDR Dow Jones Industrial Average ETF (DIA) gained nearly 1%. The Invesco QQQ Series 1 Trust (QQQ), which tracks the tech-heavy Nasdaq 100, was up 0.52%. Retail sentiment on Stocktwits around the S&P 500 ETF remained in ‘neutral’ territory.
Read also: Ethereum’s Price Tops $4,400 For First Time Since 2021 After BMNR Plans Another $20B ETH Buy
For updates and corrections, email newsroom[at]stocktwits[dot]com.<