Donald Trump has been taking a firm stand against those who oppose or criticize his reciprocal tariffs. Now, instead of a nation, it's the CEO of New York-headquartered investment bank Goldman Sachs who has come into his sights. Trump dismissed Goldman Sachs' predictions about the impact of U.S. tariffs as false and gave its CEO, David Solomon, an unexpected piece of advice. 'You should run a DJ booth, not a bank,' said the American president.
Trump's Advice to Goldman CEO
On Tuesday, the CEO of the American multinational investment bank and financial services company, Goldman Sachs, David Solomon, found himself in Donald Trump's crosshairs. Trump claimed that Solomon's warnings and predictions regarding the effect of U.S. tariffs on the American economy and markets were incorrect. Through a post on his Truth Social account, Trump told Solomon that he should focus on being a DJ instead of running a bank.
Why Was Trump Angry with Solomon?
Find out what exactly the CEO of Goldman Sachs said that agitated the U.S. President so much. Trump's irritation followed a note issued by the company’s economists, just hours before. They suggested that the impact of additional tariffs is beginning to be felt on consumer prices. Earlier, in May, CEO David Solomon discussed the uncertainty of Trump's trade strategy on Bloomberg TV, stating that policy actions have heightened unpredictability, which isn't conducive for investment and growth. They're impeding investment.
Source: aajtak
Trump Says No Negative Impact, Billions are Flowing In
Denouncing Goldman Sachs' estimates, Trump penned a lengthy post praising the impact of tariffs on the U.S. economy, deeming the billions of dollars pouring in as incredible for the nation’s wealth, stock markets, and overall financial health. 'The burden of tariffs falls not on consumers but on companies and foreign governments,' he wrote, challenging the common perception of who truly bears the cost of these tariffs. Billions are being collected as tariffs, which is remarkable for everything from our nation to its stock markets.
Trump further stated that even in the final phase of tariffs, it has proven that inflation or other issues haven't surfaced in America. On the contrary, a substantial amount of cash has flowed into the treasury. However, David Solomon and Goldman Sachs refrain from crediting this, as their predictions regarding market outcomes and tariffs have been proven wrong.
