Treasury Secretary just announced what he said was “Good news for consumers”, building off the latest inflation report showing that inflation is not going up and there is still no “demonstrable negative impact” from President Trump’s tariffs.

Here’s what he said:

“Good news for consumers:

While July inflation held steady at 2.7% year-over-year, the near-term trend is even better with the 3-month annualized change down to just 2.3%.

Most importantly — there is no demonstrable negative impact from tariffs.

Goods prices, excluding food and energy, are up even less since tariffs were first implemented, rising only 0.8% annualized.”

 
President Trump also pointed this out today as well:

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. 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.

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. I think that David should go out and get himself a new Economist or, maybe, he ought to just focus on being a DJ, and not bother running a major Financial Institution.

Great news for consumers indeed!