David Solomon, CEO of Goldman Sachs, speaking on CNBC’s Squawk Box outside the World Economic Forum in Davos, Switzerland on Jan. 22nd, 2025.<\/p>\n
Gerry Miller | CNBC<\/p>\n
Don’t mess with DJ D-Sol \u2014 Goldman Sachs<\/a> CEO David Solomon’s stage name when he’s rocking the clubs in his other life as a DJ<\/a>.<\/p>\n U.S. President Donald Trump criticized Goldman<\/a> on Tuesday for predicting that tariffs would push up inflation, and said Solomon “should go out and get himself a new Economist or, maybe, he ought to just focus on being a DJ.”<\/p>\n In response, Goldman defended the results of its study, according to a CNBC interview with the bank’s economist David Mericle.<\/p>\n \u00a0“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,” Mericle said.<\/p>\n Goldman, in fact, is not the only Wall Street bank putting forth this view.<\/p>\n UBS<\/a> senior economist Brian Rose wrote that “the downward trend in core inflation has been broken as tariffs start to feed through into retail prices,” while Michael Feroli, chief U.S. economist at JPMorgan Chase<\/a>, said in a note that tariffs could “add 1-1.5% to inflation, some of which has already occurred.”<\/p>\n Of course, a consensus view does not mean predictions will come true. Recall how economists were all but certain a U.S. recession would happen in 2023<\/a> \u2014 only for the economy to grow 2.5% that year<\/a>.<\/p>\n In any case, if Goldman \u2014 and economists from other banks \u2014is proven wrong on tariff-driven inflation, and Trump, in a hypothetical scenario, manages to somehow push Solomon out of his position, at least DJ D-Sol will still be out there spinning records.<\/p>\n \u2014 CNBC’s Jeff Cox contributed to this report<\/p>\n What you need to know todayAnd finally…<\/p>\n Apple CEO Tim Cook (R) shakes hands with U.S. President Donald Trump during an event in the Oval Office of the White House on August 6, 2025 in Washington, DC. <\/p>\n Win Mcnamee | Getty Images<\/p>\n How Big Tech is paying its way out of Trump’s tariffs<\/a><\/p>\n