Inflation relief hands Trump a talking point on tariffs and the economy

By Randy DeSoto | The Western Journal

President Donald Trump took a shot at Goldman Sachs’ CEO and its economists Tuesday while touting July’s inflation number, which came in cooler than expected.

Goldman Sachs was among the many investment firms that predicted in April that Trump’s tariff policy would be inflationary, tank the stock market, and likely cause a recession.

The Bureau of Labor Statistics reported that the consumer price index rose 2.7 percent in July compared to the same month last year and rose 0.2 percent from June.

That compares to a 2.8 percent increase predicted by Wall Street, according to CNBC.

Trump responded to the report, posting on Truth Social, “Trillions of Dollars are being taken in on Tariffs, which has been incredible for our Country, its Stock Market, its General Wealth, and just about everything else.”

The Trump Administration brought in $29.6 billion of tariff revenue for July.
I would stay tariffs are working. pic.twitter.com/viy6gLsmDq

— Kate (@kate_p45) August 3, 2025

“It has been proven that even at this late stage, Tariffs have not caused Inflation, or any other problems for America, other than massive amounts of CASH pouring into our Treasury’s coffers. Also, 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,” the president continued.

“But David Solomon and Goldman Sachs refuse to give credit where credit is due. They made a bad prediction a long time ago on both the Market repercussion and the Tariffs themselves, and they were wrong, just like they are wrong about so much else.”

Read the complete story at The Western Journal.