President Donald Trump reiterated on Tuesday that his trade tariffs have “not caused inflation” and instead are delivering “massive amounts of cash” to the U.S. Treasury. He cited Treasury data showing tariff receipts approaching $28 billion in July alone and argued that foreign producers—not domestic consumers—are bearing the cost of the duties. Trump’s defence of the policy was coupled with a broadside at Goldman Sachs. The president urged Chief Executive Officer David Solomon to dismiss the bank’s chief economist, saying earlier projections that consumers would shoulder tariff costs had been proven wrong. If Solomon will not make the change, Trump said, he should “just focus on being a DJ,” a reference to the CEO’s well-publicised hobby. The administration’s economic team backed the president’s stance. Council of Economic Advisers Chair Steve Miran said consumer-price inflation has averaged 1.9% at an annual rate since Trump took office, adding that there is “no evidence whatsoever of tariff-induced inflation.” In a separate Wall Street Journal interview, Richmond Federal Reserve President Thomas Barkin predicted price growth will be “more moderate than people think,” signalling limited concern at the central bank over broad inflationary fallout from the trade measures.