On Tuesday, former President Donald Trump targeted David Solomon, the CEO of Goldman Sachs, for what he deemed as erroneous predictions regarding the effect of tariffs on the economy. Trump expressed his belief that foreign companies and governments were largely bearing the financial burden of the tariffs and criticized Solomon for not acknowledging this reality. In a post on Truth Social, Trump suggested that Solomon might be better suited to pursue his passion for DJing rather than leading a major financial institution.
Trump's remarks come in light of the ongoing trade wars initiated in February, which have seen numerous companies around the globe responding to tariffs imposed on imports from Mexico, Canada, and China. Although Trump did not cite specific Goldman Sachs research, analysts at the firm have voiced bearish views on the repercussions of the tariffs. They indicated, through a recent analysis, that U.S. consumers had already absorbed a significant portion of tariff costs and projected that this burden could increase further.
In addition to his critique of Solomon, Trump has directed his frustrations towards other corporate leaders and Wall Street banks. Recently, he called for the resignation of Intel's chief due to the company's connections with Chinese firms and has previously criticized Apple CEO Tim Cook for producing iPhones abroad. The financial impact of Trump's tariffs has been notable, with estimates suggesting that companies reported losses ranging between $13.6 billion and $15.2 billion during a recent earnings season, evidencing the tariffs' far-reaching effects on the market.
2 Comments
Muchacha
The tariffs backfired terribly. Trump's economic policies were a disaster.
Mariposa
The economic consequences of his trade wars are still being felt today.