‘Maybe, he ought to just focus on being a DJ’: Trump rips Goldman Sachs CEO, chief economist for research showing Americans eating the tariffs
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Trump insisted "Trillions of Dollars are being taken in on Tariffs.” Several sources calculate the trillion-dollar mark to be years away.
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August 12, 2025
09:20 PM
Fortune
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Finance·Tariffs and trade‘Maybe, he ought to just focus on being a DJ’: Trump rips Goldman Sachs CEO, chief economist for re showing Americans eating the tariffsBy Nick LichtenbergBy Nick LichtenbergFortune Intelligence EditorNick LichtenbergFortune Intelligence EditorNick Lichtenberg is Fortune Intelligence editor and was formerly Fortune's executive editor of global news.SEE FULL BIO Trump’s tariff trade regime does seem to be generating significant revenue, but it will take years to hit the trillion-dollar mark.Nathan Howard/Bloomberg via Getty ImagesPresident Trump took aim at a Wall Street behemoth on Tuesday, launching a highly personal attack against Goldman Sachs CEO David Solomon and the firm’s chief economist, Jan Hatzius, in the chapter of his dispute with main leaders over the impact of tariffs on the American economy. “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,” Trump wrote on social media
The dig referred to Solomon’s side ject as a disc jockey ducing electronic dance music and performing at s and music festivals under the name “DJ D-Sol.” Trump’s rebuke—dered through a pointed post on his Truth Social platform—came in response to a re note published by Hatzius on Sunday showing U.S. consumers are bearing a significant of the costs stemming from tariffs imposed during Trump’s trade battles. “Our estimates imply that U.S. consumers had absorbed 22% of tariff costs through June but that their will ly rise to 67% by October if the later tariffs have the same impact over time as the earliest tariffs,” the team led by Hatzius wrote
Trump, however, flatly rejected Goldman Sachs’ conclusions, insisting “Trillions of Dollars are being taken in on Tariffs, which has been incredible for our Country, its Stock Market, its General Wealth, and just everything else.” He claimed, without evidence, that it has been “ven” that consumers aren’t paying the tariffs, but rather companies and governments are “for the most part…picking up the tabs.” The tariff trade regime does seem to be generating significant revenue, but it will take years to hit the trillion-dollar mark, as Trump claimed
A respected, nonpartisan budget-hawk think tank, the Committee for a Responsible Federal Budget, calculated $25 billion in tariff revenue collections in July and jected a $1.3 trillion haul by the end of Trump’s term in office
In July, Morgan Stanley assessed the tariff picture as a “mosaic” that will bring in roughly $2.7 trillion over a decade
Trump’s tactics The clash over tariffs comes as inflation data released Tuesday showed consumer prices rising by 0.2% in July over June, and by 2.7% over the past year
Trump attempted to spin those numbers as evidence his trade policies have not stoked runaway inflation. “Tariffs have not caused inflation or any other blems for America, other than massive amounts of CASH pouring into our Treasury’s coffers,” he asserted
The public lambasting adds Goldman Sachs’ Solomon to a growing list of corporate titans targeted by Trump, including Apple CEO Tim Cook, Intel’s Lip Bu-Tan, and Tesla’s Elon Musk, all of whom have come under fire for perceived criticism of the Trump administration’s economic management
Earlier on Tuesday, Trump was attacking Federal Reserve chair Jerome Powell, after the consumer price index report for July showed inflation coming in cooler than expected—although “core” inflation surged to its highest reading in five months. “Jerome ‘Too Late’ Powell must NOW lower the rate,” Trump wrote on Truth Social the central bank chair’s refusal to budge on interest rates
He added that he is “considering allowing a major lawsuit against Powell to ceed” because of an entirely separate issue: the , over-budget $2.5 billion renovation of the Federal Reserve headquarters in Washington, D.C
Neither Solomon nor Hatzius has responded publicly to Trump’s broadsides
Goldman Sachs declined to
The White House did not immediately offer a , when ed
For this story, Fortune used generative AI to help with an initial draft
An editor verified the accuracy of the information before publishing
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