Trump tells Goldman Sachs boss to stick to DJing
In a social media outburst, Mr Trump said David Solomon should 'not bother running a major financial institution' as he defended his series of duties on trading partners.
The US president claimed 'trillions of dollars are being taken in on tariffs', which he insisted 'have not caused inflation' as official data showed consumer prices rose less than expected last month.
His comments came after economists at Goldman Sachs issued a note on Monday warning that American companies had so far swallowed the impact of tariffs but would slowly pass on cost increases to consumers.
Mr Trump wrote on Truth Social: 'It has been proven, that even at this late stage, Tariffs have not caused Inflation, or any other problems for America, other than massive amounts of CASH pouring into our Treasury's coffers.
'Also, it has been shown that, for the most part, Consumers aren't even paying these Tariffs, it is mostly Companies and Governments, many of them Foreign, picking up the tabs.
'But David Solomon and Goldman Sachs refuse to give credit where credit is due. They made a bad prediction a long time ago on both the Market repercussion and the Tariffs themselves, and they were wrong, just like they are wrong about so much else.
'I think that David should go out and get himself a new Economist or, maybe, he ought to just focus on being a DJ, and not bother running a major Financial Institution.'
Mr Solomon previously moonlighted as a disc jockey under the moniker DJ D-Sol. In 2022 he played at Lollapalooza, the four-day music festival in Chicago, alongside acts including Metallica, Dua Lipa and Green Day.
However, he gave up his DJing hobby in 2023 after he attracted criticism following a downturn in profits at Goldman.
Goldman Sachs declined to comment on the Trump post.
In a separate post on Tuesday, Mr Trump threatened to sue the chairman of the US Federal Reserve hours after official data showed inflation steady at 2.7pc.
The US president said he was considering allowing a 'major lawsuit' against Jerome Powell over his handling of the renovation of some of the central bank's buildings.
He blamed the Fed chairman for 'the horrible, and grossly incompetent, job he has done in managing the construction of the Fed buildings'.
He wrote on Truth Social: 'Three Billion Dollars for a job that should have been a $50 Million Dollar fix up. Not good!'
Tensions escalated between the two men in July when Mr Trump visited the 'very expensive' renovation work at the US central bank.
In footage broadcast live, Mr Powell openly disagreed with the US president after he declared new figures had 'just come out' suggesting the cost of renovating some buildings at the Fed had climbed from $2.7bn to $3.1bn (£2bn to £2.3bn).
His attempt to blind side the Fed chairman backfired when Mr Powell issued a stern rebuttal, as he quickly identified that the White House had included works previously done to another building several years earlier.
Mr Trump on Thursday also attacked the Fed chairman for being 'too late' to cut interest rates, which he said had done 'incalculable' damage to the American economy.
The latest update in the row came as official figures showed US inflation rose at a slower pace than expected last month.
The US consumer prices index was 2.7pc in June, according to figures by the Bureau of Labor Statistics (BLS) – better than analyst expectations of 2.8pc.
Mr Trump recently became embroiled in a row with the BLS, sacking its top statistician earlier this month after official data showed a sharp slowdown in the US jobs market. The president claimed that Erika McEntarfer had 'rigged' jobs data 'in order to make a great Republican success look less stellar'.
Mr Trump on Tuesday nominated EJ Antoni, an economist from the Heritage Foundation, a Right-wing think tank, to take over the post.
Just hours after his appointment, Mr Antoni said he would suspend monthly publication of the jobs data and move to quarterly statistics claiming that there were concerns over the accuracy of the data.
He told Fox Business: 'How on earth are businesses supposed to plan – or how is the Fed supposed to conduct monetary policy – when they don't know how many jobs are being added or lost in our economy? It's a serious problem that needs to be fixed immediately.
'Major decision-makers from Wall Street to DC rely on these numbers, and a lack of confidence in the data has far-reaching consequences.'
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