President Donald Trump on Tuesday said Goldman Sachs boss David Solomon should go back to “being a DJ” and teed off on the investment bank after it warned that US consumers will soon pay the brunt of tariff-related price hikes.
Trump fumed over a revised analysis released Monday by Goldman’s chief economist Jan Hatzius forecasting that households will soon cover 64% of tariff costs — after absorbing 22% through June.
“I think David should go out and get himself a new economist, or maybe he ought to just focus on being a DJ, and not running a financial institution,” Trump wrote in a Truth Social post.
The slap at Solomon referred to the Wall Street titan’s side gig as DJ D-Sol, which landed him in hot water with insiders at the bank as profits and morale declined after the pandemic.
Trump went on to blast Goldman for being wrong about its predictions earlier this year that the economy could fall into a recession because of tariffs.
Last month, the bank lowered the risk level of a recession to 30% from the 60% it had forecast following the “Liberation Day” rollout in April.
“David Solomon and Goldman Sachs refuse to give credit where credit is due,” Trump wrote.
“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.”
Goldman declined to comment.
Trump claimed the duties have poured “trillions of dollars” into US coffers — a figure contradicted by Treasury Department data released last month that showed customs duties generated from April to June were $64 billion.
Treasury Secretary Scott Bessent has projected the tariffs will bring in about $300 billion by the end of the year.
Solomon had built a high-profile career while moonlighting as a DJ, performing at major festivals and releasing Billboard-charting tracks.
He put away the turntables, at least in public, in 2023 to focus on his Wall Street role, though he continues to DJ privately at personal events.
Inflation held steady in July, with the annual consumer price index at 2.7%, according to data released Tuesday.
Core inflation, which strips out food and energy, climbed to 3.1% in July, from 2.9% the previous month.
Food prices rose 2.9% year-over-year, used car prices jumped 4.8% and gasoline fell 9.5%, as tariffs earlier this year added some upward pressure on core prices.
[Notigroup Newsroom in collaboration with other media outlets, with information from the following sources]
