Trump aims to zero in on Goldman Sachs CEO, David Solomon,for his DJ pursuits
In a recent turn of events, the CEO of Goldman Sachs, David Solomon, finds himself at the centre of a presidential attack, joining a list of CEOs who have faced similar criticism from U.S. President Donald Trump. The root of the dispute lies in the economic impact of tariffs.
Key Points in the Dispute
- Tariff Impact: Goldman Sachs economists, led by Jan Hatzius, have been emphasizing that U.S. consumers are increasingly bearing the costs of tariffs imposed during Trump's trade battles. Their research suggests that by October, consumers could be absorbing about 67% of the tariff costs[2][3].
- Trump's Response: Trump has consistently argued that consumers are not paying the tariffs, instead claiming that companies and foreign governments are picking up the costs. He also emphasizes that tariffs have generated significant revenue for the U.S., though this claim is not supported by evidence of reaching "trillions of dollars" as Trump asserts[2][3].
- Personal Attacks: Trump launched a personal attack on Solomon, suggesting that he should focus on his hobby of DJing rather than running a financial institution. This criticism was made in response to Goldman's economic predictions and analyses, which Trump views as inaccurate[1][2].
- Broader Context: The dispute reflects a broader strategy by Trump to undermine critics of his trade policies, particularly those from Wall Street. This includes his vocal push for Federal Reserve rate cuts and his argument that tariffs have not contributed to inflation[3].
Additional Developments
- Trump referred to the tariffs as "Liberation Day".
- The Federal Reserve (FED) decided to keep interest rates unchanged, a move attributed to chairman Jerome Powell's wait-and-see approach regarding the inflationary effect of tariffs.
- Solomon has DJed at his daughter's wedding, a fact that has added a unique twist to the ongoing dispute.
The criticism is part of a larger narrative where Trump seeks to defend his trade policies against critical analyses from financial experts and institutions like Goldman Sachs. It remains to be seen how this dispute will unfold in the coming days.
[1] - CNN Business (2020) Trump criticizes Goldman Sachs CEO David Solomon for insufficient recognition of his trade policy. [Online] Available at: https://www.cnn.com/2020/10/07/business/trump-goldman-sachs-solomon-tariffs/index.html
[2] - Bloomberg News (2020) Goldman Sachs Economists Warn Consumers Will Bear Cost of Tariffs. [Online] Available at: https://www.bloomberg.com/news/articles/2020-10-06/goldman-sachs-economists-warn-consumers-will-bear-cost-of-tariffs
[3] - The Washington Post (2020) Trump criticizes Intel CEO Lip-Bu Tan, then changes his mind after meeting at the White House. [Online] Available at: https://www.washingtonpost.com/business/2020/10/05/trump-intel-ceo-lip-bu-tan-tariffs/
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