President lashes out at Wall Street analysis predicting U.S. consumers will bear most of tariff costs by October.
President Donald Trump has taken his trade war defense into personal territory, publicly calling on Goldman Sachs CEO David Solomon to sack the bank’s chief economist after a report suggested American consumers will soon pay the bulk of the costs from his tariffs.
The outburst came Tuesday on Trump’s Truth Social feed, mixing policy claims with a jab at Solomon’s side career as a DJ. In his post, Trump insisted that foreign governments and overseas firms — not U.S. households — are footing the bill for tariffs, which he says are “pouring massive amounts of cash” into the Treasury.
A Personal Swipe at Wall Street’s Economic Forecasts
Trump didn’t mince words.
In his message, he told Solomon that if he couldn’t find a new economist, “maybe, he ought to just focus on being a DJ.” The economist in question, Jan Hatzius, has led Goldman’s economic research since 2011 and is considered one of the most influential voices on Wall Street.
Goldman’s Sunday report, penned by Hatzius, estimated that U.S. consumers had already absorbed 22% of tariff costs by June. That figure, the analysis projected, could rise sharply — to 67% — by October if companies respond to newer tariffs the same way they reacted to earlier ones.
One paragraph in the report cut especially deep for Trump: the warning that businesses will likely raise retail prices, shifting the financial strain onto shoppers.
He hit back quickly, accusing Goldman of clinging to “bad predictions” made “a long time ago” about both markets and tariffs.
The Numbers Trump Likes — and the Ones He Doesn’t
Tariff revenue is up.
According to Treasury data, the U.S. collected almost $28 billion in tariff income in July, a number Trump highlighted as proof of his policy’s success. He argued that this windfall comes without sparking inflation — despite official figures still showing consumer prices climbing, albeit at a slower pace than forecast.
Here’s a look at the numbers side by side:
| Metric | Latest Figure | Note |
|---|---|---|
| Tariff Revenue (July) | $27.9B | Highest monthly figure since 2019 |
| Share of Costs Paid by Consumers (June) | 22% | Goldman Sachs estimate |
| Projected Share by October | 67% | If current trends hold |
| Peak Tariff Rate on Chinese Goods | 145% | Reduced to 30% since May |
Trump’s version of the story is straightforward: tariffs are “paid for by foreigners,” with Americans largely spared. Goldman’s analysis says the opposite — that U.S. households will increasingly shoulder the load as importers pass costs down the supply chain.
The DJ Remark and Why It Stuck
The swipe about Solomon’s DJ career wasn’t just an offhand insult — it’s a familiar Trump tactic.
Solomon, known professionally in music circles as “DJ D-Sol,” performs at clubs and festivals, something Trump clearly sees as a vulnerability when framing him as distracted from his day job.
For Trump’s supporters, the remark fits into his broader narrative of Wall Street being “out of touch” with ordinary Americans. For critics, it’s a distraction from the fact that the President is directly pressuring a major bank over independent research.
It’s rare, even in politically charged times, for a sitting president to tell a corporate leader to fire a specific employee over an economic forecast.
That’s partly why the comment drew immediate attention in financial circles.
The Tariff Rollout and Its Delays
Trump’s trade measures have been uneven in their rollout.
His “reciprocal tariffs” plan, announced in April with tough rhetoric, was paused soon after. When it finally took effect last week, it was in a much smaller form than first proposed.
Some of the harshest tariffs, like those on Chinese imports that once topped 145%, have been scaled back to 30% since May. That easing has softened the immediate impact on U.S. consumers but also reduced leverage in negotiations.
• Trump postponed several high-impact tariffs earlier this year to avoid hitting household budgets during peak summer spending.
• Businesses are still adjusting — some preemptively raised prices in June, anticipating duties that were later delayed.
Court Battles and Depression Warnings
The trade fight isn’t just playing out on social media.
On Friday, Trump warned that if courts strike down his tariff program, the U.S. could face a disaster on the scale of the Great Depression. His post described the risk as “1929 all over again” if a “radical left court” were to dismantle his policies now.
The comments came ahead of a federal appeals court hearing on whether Trump’s tariff actions comply with existing trade laws. The case has drawn attention because it could redefine presidential power over trade policy.
One sentence stood out from Trump’s warning: if tariffs are scrapped now, “recovery would be impossible.” It’s a bold claim, one that economists on both sides of the aisle are treating cautiously.
