Goldman Sachs has reduced its risk exposure after the tariff war and is prepared to face more uncertainty.

Goldman Sachs CEO David Solomon said that since President Trump announced tariffs in April, Goldman Sachs has reduced its risk exposure and is prepared for more uncertainty. Solomon said in a podcast on Thursday: "Since April 2, we have reduced our risk exposure - I think this is a prudent move for us to make." "We have absorbed a lot of risk from our clients. We want to continue to do so, but we will also reduce risk where we can." He said that Goldman Sachs is preparing for continued uncertainty in the coming months, which means maintaining a larger liquidity buffer. Solomon said that the tariff measures are "very very disruptive," and some companies are now making business decisions based on the assumption that tariffs will increase to 10% to 15%. "We are now entering an adjustment phase, I think you will see more decisions in capital expenditures, M&A transactions, capital returns, and stock buybacks," he said.