Trump Rebuts Goldman’s Prediction of Tariff Costs Shifting to US Consumers

Trump said the Wall Street bank had been wrong to predict that new tariffs would hurt U.S. consumers.
Trump Rebuts Goldman’s Prediction of Tariff Costs Shifting to US Consumers
Goldman Sachs CEO David Solomon delivers remarks at the Invest America Roundtable hosted by President Donald Trump in the State Dinning room at the White House on June 9, 2025. Win McNamee/Getty Images
Bill Pan
Bill Pan
Reporter
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President Donald Trump on Aug. 12 criticized Goldman Sachs CEO David Solomon, suggesting he either hire a new economist or step down as head of the Wall Street bank.

The criticism came after Goldman’s economists warned that American consumers might bear a growing share of the costs from tariffs imposed during the Trump administration’s trade battles, which Trump said have brought “trillions of dollars” in revenue into the federal treasury.