"Tariffs are bringing trillions of dollars to the US" - Trump criticizes Goldman Sachs' pessimistic forecasts
US President Donald Trump has said that tariffs are generating “trillions” of dollars for the US economy without fueling inflation. In a post on his “Social Truth” platform, he criticized Goldman Sachs and its CEO, David Solomon, for their pessimistic forecasts. According to him, Solomon should “focus on being a DJ” instead of running a financial institution.
U.S. consumer prices rose moderately in July, but services such as airline tickets and some tariff-hit goods, such as furniture, pushed core inflation to its highest level in six months.
The report published by the Bureau of Labor Statistics did not change financial markets' expectations regarding the Federal Reserve, which is expected to cut interest rates in September, amid signs of worsening conditions in the labor market.
However, economists warn that the impact of the tariffs imposed by Trump is still being felt, as businesses continue to sell goods imported before the tariffs took effect.
While financial markets reacted positively to the data, concerns are growing about the quality of inflation and employment statistics. These concerns were further heightened by the firing of Erika McEntire, head of the Bureau of Labor Statistics, earlier this month following a report showing weak job growth in July.
A few days ago, Trump nominated economist EJ Antony of the conservative Heritage Foundation to be the new head of the Bureau. Antony is a critic of the statistical agency and has contributed to “Project 2025,” the dubious conservative plan to restructure the federal government.
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