Goldman Sachs’ chief U.S. economist David Mericle stated that his team will maintain their research schedule without any changes despite President Donald Trump criticizing their tariff cost analysis.
The day after Trump criticized Goldman CEO David Solomon on social media Mericle stated that his team would continue their normal research activities. The report from Goldman Sachs estimated U.S. consumers would pay two-thirds of the costs if tariffs followed previous patterns which led Trump to tell Solomon he should not manage a major financial institution.
Trump maintains that foreign exporters pay the duties which he claims reach historic highs thus protecting U.S. households from any impact. According to Trump Goldman Sachs made an incorrect prediction through their analysis.
Mericle explained to CNBC that the research existed to deliver the most accurate economic forecasts for clients. The research will continue according to him.
The exchange demonstrates the increasing tension between Wall Street and the White House regarding trade policy because economists predict that extended high tariffs will create inflationary pressures and economic deceleration.
