On Tuesday, US President Donald Trump was criticized by Goldman Sachs, CEO David Solomon, and said that the bank “bad forecast” about the impact of its large customs policies on markets and consumer expenses.
Trump, who came to his social account of truth, wrote: “David Solomon and Goldman Sachs refuse to put the credit where the loan is due.”
“They have long been a bad prediction on the market consequences of the tariffs themselves and they were wrong, just as they were wrong,” he added.
Trump did not specify the reason for his dissatisfaction with the bank; However, his comments came after Sunday’s research remark by economist Goldman Sachs, suggesting that the effects of the President’s tariffs on consumer prices have yet to be evident.
Estimates Goldman Sachs on tariffs
Consumers in the US carried about 22% of customs costs by June. If the latest tariffs are governed by previous patterns, their share could increase to 67%, Bloomberg reported and quoted a note from scientists led by Jan Hatzius, the main economist of the bank.
“David should get a new economist,” says Trump
“I think David should go out and get a new economist, or maybe he should only focus on DJ, and he wouldn’t bother to run the main financial institution,” Trump wrote, indicating Solomon’s hobby as a disc jockey who temporarily suspended after earlier criticism.
Trump trade advisor Peter Navarro also called Goldman during an interview on Bloomberg later on Tuesday.
By comparing the bank with the US Labor Statistics Office, Navarro said: “The only entity that has nowadays BLS less respect than BLS is Goldman Sachs.”
Trump fired the head of the federal agency Erika Mcentarfer, after revision of employment indicated the weakening US labor market and nominated Ej Antoni on Monday as the BLS Commissioner.
Trump’s criticism of the main banks
The statement against David Solomon is governed by the recent US President’s notes focused on the main creditor of Wall Street, and he accuses them of debanking clients. The President publicly criticized JPMorgan Chase & Co and Bank of America Corp and claimed that they have denied clients on the basis of the political considerations that banks deny.
It’s less than two weeks since Trump has met Solomon in the White House to discuss the possible involvement of the bank in plans for the initial public offer of government mortgage giants Fannie Mae and Freddie Mac.
Trump’s statement came after Tuesdays stated on Tuesday that basic inflation increased in July, despite the slower increase in the prices of goods. This alleviated fears of pricing pressures related to tariff and increased hope of reducing the rate of federal reserve in September.
(With Bloomberg inputs)
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