President Trump criticized Goldman Sachs CEO David Solomon on Tuesday, saying the bank was wrong to predict that his tariffs would harm the U.S. economy. He also questioned whether Solomon should continue leading the bank, suggesting he return to his old hobby of DJing.
In a post on Truth Social, Trump said most of the cost of his tariffs is being paid by foreign companies and governments—not Americans. “But David Solomon and Goldman Sachs refuse to give credit where it’s due. They made a bad prediction about both the market reaction and the tariffs,” Trump wrote.
Trump added that Solomon “should maybe go back to being a DJ” instead of running one of the country’s biggest financial institutions.
Goldman Sachs declined to comment, and the White House did not respond to a request for a statement.
Since February 1, when Trump began his new trade war by placing tariffs on imports from Mexico, Canada, and China, at least 333 companies worldwide have taken action in response, according to a Reuters tracker.
It’s unclear which Goldman Sachs report Trump was referring to. Like other big banks, Goldman has often taken a pessimistic view of Trump’s trade policies. On Sunday, Goldman economists said U.S. consumers had paid about 22% of the cost of tariffs through June, and that number could rise to 67% if tariffs continue at the same rate.
“I think David should get a new economist,” Trump said. Goldman’s chief economist Jan Hatzius declined to comment.
Back in April, Goldman also warned that broad U.S. tariffs could slow global economic growth and push the Federal Reserve to cut interest rates more than expected.
This is not the first time Trump has publicly criticized corporate leaders. Last week, he called for Intel CEO Lip Bu-Tan to resign over ties to Chinese companies. He has also criticized Apple CEO Tim Cook for producing iPhones overseas. Trump has accused JP Morgan and Bank of America—without evidence—of discriminating against him by refusing his deposits after his first term.
According to Reuters, companies reported a combined $13.6 billion to $15.2 billion in financial losses from Trump’s tariffs between July 16 and August 8.
