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 astatine Nova's Ark Project connected July 25, 2020 successful Water Mill, New York.
Kevin Mazur | Getty Images
President Donald Trump connected Tuesday said that Goldman Sachs CEO David Solomon should either regenerate his economist oregon "just absorption connected being a DJ," days aft the bank's economist warned that American consumers volition wage for an expanding stock of caller tariffs.
Trump's broadside against Solomon — who moonlights arsenic a DJ — came arsenic the president touted the gross being collected by the national authorities owed to his tariff policies.
"Tariffs person not caused Inflation, oregon immoderate different problems for America, different than monolithic amounts of CASH pouring into our Treasury's coffers," Trump wrote successful a Truth Social post.
Trump past said, "It has been shown that, for the astir part," companies and overseas governments are paying for the tariffs, alternatively of consumers.
"But David Solomon and Goldman Sachs garbage to springiness recognition wherever recognition is due," Trump wrote.
"They made a atrocious prediction a agelong clip agone connected some the Market repercussion and the Tariffs themselves, and they were wrong, conscionable similar they are incorrect astir truthful overmuch else," the president wrote.
"I deliberation that David should spell retired and get himself a caller Economist or, maybe, helium ought to conscionable absorption connected being a DJ, and not fuss moving a large Financial Institution."
Trump did not sanction the economist helium wants Solomon to replace.
But Jan Hatzius, Goldman's main economist since 2011, warned successful a probe note connected Sunday that American consumers volition extremity up absorbing an expanding stock of the outgo of Trump's tariffs.
"Our estimates connote that US consumers had absorbed 22% of tariff costs done June but that their stock volition apt emergence to 67% by October if the aboriginal tariffs person the aforesaid interaction implicit clip arsenic the earliest tariffs," Hatzius and different Goldman researchers wrote.
Read much CNBC authorities coverage
A Goldman spokesperson declined to remark connected Trump's societal media post.
Tariff gross has surged successful caller months, rising to astir $28 cardinal successful July alone, according to the Treasury Department.
Inflation, meanwhile, has continued to increase, though the latest information showed user prices person grown slightly little than expected.
But galore economists proceed to pass that the afloat effects of Trump's tariffs person yet to beryllium felt, and galore businesses person already said that they volition person to rise prices successful effect to U.S. import duties.
English (US) ·