• Trump shifted criticism from Fed Chair Powell to Goldman Sachs
• Blasted CEO David Solomon for inaccurate tariff predictions
• Goldman economists say consumers may bear two-thirds of costs
• Tariff revenue hit $28 billion in July
• Consumer prices rose 2.7% year-on-year in the same month
• Trump insists companies and foreign governments are paying
• Peter Navarro accused Goldman of poor data credibility
• Trump fired BLS chief over alleged jobs report manipulation
• E.J. Antoni nominated to head BLS
• Tensions grow between White House and Wall Street over tariffs

President Donald Trump has expanded his attacks on financial institutions, shifting focus from the Federal Reserve to Goldman Sachs in a public clash over the economic impact of tariffs.

In a Truth Social post on Tuesday, Trump criticized Goldman CEO David Solomon for refusing to “give credit where credit is due” and accused the bank of making inaccurate predictions on the effects of tariffs and market reactions. 

“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.

While Trump did not directly name Goldman’s chief economist, the remarks appeared to target Jan Hatzius, who had recently overseen research warning of increased consumer burden from tariffs. 

In a Sunday research note, Goldman said U.S. consumers had absorbed 22% of tariff costs by June, with that share likely rising to 67% by October if later tariffs mirrored earlier trends.

Goldman economist David Mericle stood by the findings in a CNBC interview on Wednesday. 

“If the most recent tariffs like the April tariff follow the same pattern that we’ve seen with those earliest February tariffs, we estimate that consumers would bear about two-thirds of the cost,” he said.

The disagreement comes after a new round of reciprocal tariffs took effect on August 1. Treasury Department data showed tariff revenue jumping to nearly $28 billion in July. 

Consumer prices for the same month were 2.7% higher than a year earlier - a smaller rise than some economists expected.

Trump has repeatedly downplayed consumer exposure to tariffs. “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,” he wrote on Tuesday.

The administration’s combative tone extended beyond the president’s post. White House trade adviser Peter Navarro took aim at the bank’s credibility, telling Bloomberg, “The only entity which has less respect in terms of their data than the [Bureau of Labor Statistics] these days is Goldman Sachs.”

The Bureau of Labor Statistics became another flashpoint earlier this month when Trump fired Commissioner Erika McEntarfer, accusing her - without providing evidence - of manipulating jobs data for political reasons. 

The July employment report, which showed the U.S. economy adding 73,000 jobs, fell well short of expectations.

Trump has nominated Heritage Foundation economist E.J. Antoni to lead the BLS, a decision that has sparked skepticism among economists, including some conservatives, over the bureau’s future independence and credibility.

With tariff debates intensifying and political pressure mounting, the standoff between the White House and Goldman Sachs signals a widening rift between economic policy leaders and Wall Street analysts over the true cost of the president’s trade agenda.