financetom
Economy
financetom
/
Economy
/
Trump rebukes Goldman's Solomon and bank's economics research on tariff impact
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Trump rebukes Goldman's Solomon and bank's economics research on tariff impact
Aug 12, 2025 10:01 AM

(Reuters) -U.S. President Donald Trump said on Tuesday consumers are not paying the costs of tariffs, countering a recent Goldman Sachs' research division estimate that they had absorbed 22% of the costs through June.

"It has been shown that 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," Trump wrote in a post on social media platform Truth Social.

"But David Solomon and Goldman Sachs refuse to give credit where credit is due."

Trump did not specifically mention which Goldman report he was referring to. The Wall Street investment bank declined to comment on the matter.

U.S. consumers had absorbed 22% of tariff costs through June and their share will rise to 67% if the recent tariffs follow the same pattern as the earliest ones, Goldman Sachs Economics Research said in a note published on August 10.

"This implies that U.S. businesses have absorbed more than half of the tariff costs so far but that their share will fall to less than 10%," analysts led by Jan Hatzius said.

Hatzius did not immediately respond to a Reuters request for comment.

Since February 1, when Trump kicked off trade wars by slapping levies on imports from Mexico, Canada and China, at least 333 companies worldwide have reacted to the tariffs in some manner, as of August 12, according to a Reuters tracker.

Tariffs are taxes levied on imported goods to typically protect domestic industries or influence trade policies.

Its financial impact can be distributed among manufacturers, retailers and consumers, depending on market conditions and supply-chain dynamics.

Economists continue to study how much of the tariff cost is ultimately passed on to consumers through higher prices.

Meanwhile, Trump has also been vocal about his complaints concerning corporate policies and operations since he took office in January. He met Intel CEO Lip-Bu Tan on Monday, days after seeking his resignation.

(Reporting by Manya Saini and Niket Nishant in Bengaluru and Tatiana Bautzer and Saeed Azhar in New York; Editing by Arun Koyyur)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
India looking into 'freak' incidents like damage to Sikkim's Chungthang dam: RK Singh
India looking into 'freak' incidents like damage to Sikkim's Chungthang dam: RK Singh
Oct 18, 2023
Stressing on the need to have quick ramp up and ramp down energy sources for grid balancing, the minister described hydroelectric power's role as essential in the path to energy transition as wind energy is intermittent and the sun doesn't shine 24×7.
Zoomed Out | Critical Minerals — why India's current strategy to become self-reliant is so vital
Zoomed Out | Critical Minerals — why India's current strategy to become self-reliant is so vital
Nov 29, 2023
Internationally, there are genuine security concerns related to the criticality in building more diverse and dependable value chains for critical minerals, about their environmental and social sustainability, and technological challenges. While, India has taken the right steps for creating an ecosystem for accelerated exploration and production of critical and new age minerals, observes FICCI Mining Committee Co-Chair Pankaj Satija.
In fight to curb climate change, a grim report shows world is struggling to get on track
In fight to curb climate change, a grim report shows world is struggling to get on track
Nov 14, 2023
The State of Climate Action report released on Tuesday by the World Resources Institute, Climate Action Tracker, the Bezos Earth Fund and others looks at what's needed in several sectors of the global economy power, transportation, buildings, industry, finance and forestry to fit in a world that limits warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit) over pre-industrial times, the goal the world adopted at Paris in 2015. The globe has already warmed about 1.2 degrees Celsius (2.2 degrees Fahrenheit) since the mid-19th century.
JPMorgan has a new way to gauge its green progress
JPMorgan has a new way to gauge its green progress
Nov 15, 2023
As the largest energy banker, JPMorgan is a frequent target of criticism over Wall Street’s role in the climate crisis. At the same time, the bank is a leading US arranger of green bonds, making it vulnerable to Republicans seeking to protect the fossil fuel industry.
Copyright 2023-2025 - www.financetom.com All Rights Reserved