Trump blasts Goldman Sachs CEO David Solomon over bank’s tariffs warning

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President Donald Trump criticized Goldman Sachs CEO David Solomon on Tuesday, suggesting he should go back to his DJ career after the investment bank warned that US consumers will soon face the brunt of tariff-related price hikes.

Trump expressed his displeasure over a recent analysis by Goldman’s chief economist, Jan Hatzius, predicting that households will be responsible for 64% of tariff costs, up from 22% through June.

In a Truth Social post, Trump wrote, “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’s comments about Solomon’s DJ career referred to the banker’s side gig as DJ D-Sol, which had caused controversy within the bank due to declining profits and morale post-pandemic.

Trump also criticized Goldman for its earlier predictions of an economic recession due to tariffs, which did not materialize. He accused the bank of being wrong about many things, including the market repercussions and tariffs themselves.

Goldman declined to comment on Trump’s remarks.

Trump claimed that his tariffs had brought “trillions of dollars” into US coffers, although Treasury Department data contradicted this, showing customs duties generated $64 billion from April to June.

Treasury Secretary Scott Bessent projected that tariffs would bring in about $300 billion by the end of the year.

Solomon had a successful DJ career while working in finance, performing at major festivals and releasing Billboard-charting tracks. He stepped back from DJing publicly in 2023 to focus on his Wall Street role, but still DJs privately at personal events.

Inflation remained stable in July, with the annual consumer price index at 2.7%. Core inflation, excluding food and energy, rose to 3.1% in July. Food prices increased by 2.9% year-over-year, used car prices by 4.8%, and gasoline prices fell by 9.5%, with tariffs earlier in the year contributing to some upward pressure on core prices.