Goldman Sachs Economist Sticks To Tariff Warning After Trump’s Criticism

The President had accused Goldman Sachs and its CEO, David Solomon, of wrongly predicting that tariffs would hurt the U.S. economy and markets.

Goldman Sachs (GS) economist David Mericle reportedly said on Tuesday that the bank maintains its view that the full impact of the Trump administration’s tariffs has yet to materialize and will likely weigh on consumer spending.

“We stand by the results of this study,” he said in an interview with CNBC. “If the most recent tariffs, like the April tariff, follow the same pattern that we’ve seen with those earliest February tariffs, then eventually, by the fall, we estimate that consumers would bear about two-thirds of the cost.”

His comments come after President Donald Trump bore down on Goldman Sachs CEO David Solomon on Tuesday in a Truth Social post, saying he should “focus on being a DJ” rather than running the bank. 

The President accused Solomon and Goldman of wrongly predicting that tariffs would hurt the U.S. economy and markets. Trump said the policy has instead boosted the stock market, national wealth, and Treasury revenues without causing inflation. He argued that foreign governments and companies, not U.S. consumers, bear most of the tariff costs. 

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