Goldman Sachs CEO David Solomon participates in an Invest America Roundtable in the State Dining Room at the White House, in Washington, June 9, 2025.
Evelyn Hockstein | Reuters
President Donald Trump on Tuesday said Goldman Sachs CEO David Solomon should either replace the bank’s economist or “just focus on being a DJ,” days after Goldman’s chief economist warned that American consumers will pay for an increasing share of new tariffs.
Trump’s broadside against Solomon — who moonlights as a DJ — came as the president touted what he called “massive” revenue being collected by the federal government due to his tariff policies.
“Tariffs have not caused Inflation, or any other problems for America, other than massive amounts of CASH pouring into our Treasury’s coffers,” Trump wrote in a Truth Social post.
Tariff revenue has surged in recent months, rising to nearly $28 billion in July alone, according to the Treasury Department. Inflation, meanwhile, has continued to increase, though the latest data showed consumer prices have accelerated slightly less than expected.
Trump then wrote, “It has been shown that, for the most part,” companies and foreign governments, rather than consumers, are paying for the tariffs.
But many economists continue to warn that the full effects of Trump’s tariffs have yet to be felt, and numerous businesses have already said that they will have to raise prices in response to U.S. import duties.
FILE PHOTO: DJ D-SOL performs during the ‘Safe & Sound’ Drive-In Concert Fundraiser Presented by JAJA Tequila and In The Know Experiences In Partnership with Bumble at Nova’s Ark Project on July 25, 2020 in Water Mill, New York.
Kevin Mazur | Getty Images
Solomon and Goldman “refuse to give credit where credit is due,” Trump wrote, claiming they “made a bad prediction a long time ago on both the Market repercussion and the Tariffs.”
“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,” the president wrote.
Trump did not name the economist he wants Solomon to replace.
But Jan Hatzius, the bank’s chief economist since 2011, warned in a research note Sunday that U.S. consumers will end up absorbing an increasing share of the cost of Trump’s tariffs.
“Our estimates imply that US consumers had absorbed 22% of tariff costs through June but that their share will likely rise to 67% by October if the later tariffs have the same impact over time as the earliest tariffs,” Hatzius and other Goldman researchers wrote.
Trump has also repeatedly postponed many of his most severe tariffs, delaying when their possible economic impacts on U.S. consumers will be felt.
His global “reciprocal” tariffs, unveiled in early April, were quickly put on pause and took effect in an altered state just last week. And Trump’s tariffs on Chinese goods, which scraped as high as 145% at their peak, have been pared back to 30% since May.
A Goldman spokesperson declined to comment on Trump’s social media post.
