Goldman Sachs Director General David Solomon said “the business community understands” what President Trump is “trying to do with tariffs” – though he added that executives “will always want lower tariffs everywhere”.
Solomon’s comments about Maria Bartiromo’s Fox Business Network on Wednesday came just a week after he said Trump is looking for “playing field level” imposing taxes on imports.
“I think the business community understands what the president is trying to do with … fees. The business community will always want lower tariffs everywhere … in the world,” he said in an exclusive interview with Mary Mary.
“At the moment, there are some uncertainty in the markets that digest it, but we will have to look and see how this plays it all.”
Solomon praised Trump for “engaged with the business community” – drawing a contrast from his predecessor, Joe Biden.
“I like that President Trump is engaged with the business community. The administration is engaged with the business community,” Solomon told Fox Business Network.
“This is another experience we have had over the past four years. I would also observe the feeling of optimism from the president in the engagement yesterday.”
Solomon, who has led the Wall Street Investment Banking Plant since 2018, spoke about FOX business network the day after meeting Trump as part of a CEO round table in Washington.
Trump, who addressed Solomon and other senior executives amidst the continued uncertainty about his administration’s trade policies, reiterated his commitment to tariffs, warning that additional tasks could be set and existing norms may increase further.
The statement came just hours after he tried to relieve concerns about an economic downturn, stating that the US economy was ready to “Bum”.
Solomon, who attended the meeting, stressed that corporate leaders are seeking stability in economic policy to facilitate long -term planning and investment.
“The more we have security on the policy agenda as we move forward, the better it will support capital investments and growth,” he said.
The bank boss said he had noticed increasingly cautious comments from other business executives in recent weeks, which he linked to a lack of clarity about the final impact of Trump’s economic policies.
“How things stay in the country, how far you go … It’s some of the uncertainties I’m talking about,” he said.
Despite the instability of the markets, Solomon on Wednesday expressed optimism about the prospect of initial public offers (IPOs), despite current economic uncertainty.
“Ipo have been silent over the past two years,” Solomon said. “The pipeline is bigger, and we expect an increase this year.”
However, he acknowledged that constant uncertainty has avoided some transactions, as businesses are waiting for clearer regulatory signals.
“There is a potential, especially if we have taken more specific actions in the regulatory front to release more animal souls,” he said, suggesting that a more final approach to politics can stimulate economic activity.
Last week, Solomon told a conference in Australia that Trump is executing on a plan to “level the playing field” that he sees as unfair by imposing fees for goods from Mexico and Canada, though the end result remains unsafe.
“The president insists that there are imbalances about the way trade exists, and he has a strong perspective that he wants to level the playing field,” Goldman Sachs chairman told the Australian financial review business in Sidney last Tuesday.
“He is executing in that point of view,” Solomon added.
Canada will announce $ 20 billion in the US Revenge Tariff on Wednesday in response to Trump’s steel and aluminum tariffs, a Canadian official told Reuters.
Trump’s increased tariffs on steel and aluminum imports came into force Wednesday as preliminary exceptions, without duties and exemptions of products expired – and as his campaign to reorganize global trade norms in favor of the US moment win.
While the investment banking activity has seen an increase in recent months, data from Dealogic show that US (M&A) merger and purchases remain slow.
In the first two months of 2025, only 1,603 agreements have been completed since Friday, marking the slowest pace with volume since 2009.
Trump, during his meeting with CEO of US leading companies, defended his tariff strategy, despite business leaders concerns about his economic impact.
Many of these executives have seen the market values of their companies between the fear of inflation and the recession.
However, Trump claimed that tariffs were a necessary tool in trade negotiations and suggested that they could be expanded.
The post has requested comment from the White House.
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