Billionaires criticize Trump's tariffs
Financiers have issued warnings about an impending recession and other challenges facing the US economy. A group of American financiers and billionaire investors has voiced strong criticism against President Donald Trump for the broad tariffs...
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Financiers have issued warnings about an impending recession and other challenges facing the US economy.
A group of American financiers and billionaire investors has voiced strong criticism against President Donald Trump for the broad tariffs he announced last week, labeling the actions as “poorly advised” and cautioning about severe repercussions for the US economy.
On April 2, Trump enacted a minimum 10% tariff on all imports and implemented “reciprocal” duties ranging from 11% to 50% on several countries he claims are responsible for maintaining unfair trade imbalances. In response, China introduced a reciprocal tariff of 34% on US imports, while various other nations indicated their readiness to negotiate with Washington but warned of countermeasures if discussions fail. The reaction in global markets has been immediate, with major indexes in the US, Europe, and Asia experiencing declines for three consecutive days.
JPMorgan Chase CEO Jamie Dimon criticized the tariffs in his annual letter to shareholders, cautioning that they “will probably increase inflation” and heighten the risk of recession, with adverse effects that could be challenging to reverse.
Ken Langone, billionaire co-founder of Home Depot, expressed disapproval of the tariffs, deeming them excessively high and hastily implemented. In an interview with the Financial Times published on Monday, he characterized the additional 34% tariff on China—which compounds the existing 20%—as “too aggressive, too soon,” and dismissed the 46% levy on Vietnam as “bullshit.”
“I don’t understand the goddamn formula,” Langone remarked, advocating for a more measured approach, such as a 10% across-the-board tariff with waivers negotiated on an individual basis. He noted his expectation that Trump would eventually seek negotiations with trade partners, stating that “right now, what everybody’s terrified of is a tariff war.”
Hedge fund investor Stanley Druckenmiller, a close mentor to Treasury Secretary Scott Bessent, shared a succinct statement on X on Sunday: “I do not support tariffs exceeding 10%.”
Billionaire investor Bill Ackman characterized the tariffs as an “economic nuclear war” in a post on X. He called for a flat 10% tariff for “the privilege” of accessing the US market but proposed pausing the reciprocal duties for 90 days to facilitate private negotiations. Ackman criticized Trump for relying on advisers he deemed incompetent for economic calculations, stating, “The global economy is being taken down because of bad math.”
Even tech mogul Elon Musk, who serves as Trump’s government efficiency czar, added to the criticism. He made a series of comments on social media targeting Peter Navarro, the White House trade adviser and key architect of the tariff strategy, asserting that he “ain’t built sh*t” with the policy. Musk’s brother, Kimbal Musk, a Tesla board member, also denounced the tariffs, referring to them as a “structural, permanent tax on the American consumer.”
Treasury Secretary Bessent remarked on Monday that Washington is prepared for “meaningful negotiations” in the coming weeks with trade partners who have responded “positively” to Trump’s tariffs. He condemned China for its retaliatory measures, accusing Beijing of “choosing to isolate itself by retaliating and doubling down on previous negative behavior.” In response, China described the new US tariffs as “economic bullying” and warned that they could destabilize the entire global trade system.
Ramin Sohrabi contributed to this article for TROIB News
A group of American financiers and billionaire investors has voiced strong criticism against President Donald Trump for the broad tariffs he announced last week, labeling the actions as “poorly advised” and cautioning about severe repercussions for the US economy.
On April 2, Trump enacted a minimum 10% tariff on all imports and implemented “reciprocal” duties ranging from 11% to 50% on several countries he claims are responsible for maintaining unfair trade imbalances. In response, China introduced a reciprocal tariff of 34% on US imports, while various other nations indicated their readiness to negotiate with Washington but warned of countermeasures if discussions fail. The reaction in global markets has been immediate, with major indexes in the US, Europe, and Asia experiencing declines for three consecutive days.
JPMorgan Chase CEO Jamie Dimon criticized the tariffs in his annual letter to shareholders, cautioning that they “will probably increase inflation” and heighten the risk of recession, with adverse effects that could be challenging to reverse.
Ken Langone, billionaire co-founder of Home Depot, expressed disapproval of the tariffs, deeming them excessively high and hastily implemented. In an interview with the Financial Times published on Monday, he characterized the additional 34% tariff on China—which compounds the existing 20%—as “too aggressive, too soon,” and dismissed the 46% levy on Vietnam as “bullshit.”
“I don’t understand the goddamn formula,” Langone remarked, advocating for a more measured approach, such as a 10% across-the-board tariff with waivers negotiated on an individual basis. He noted his expectation that Trump would eventually seek negotiations with trade partners, stating that “right now, what everybody’s terrified of is a tariff war.”
Hedge fund investor Stanley Druckenmiller, a close mentor to Treasury Secretary Scott Bessent, shared a succinct statement on X on Sunday: “I do not support tariffs exceeding 10%.”
Billionaire investor Bill Ackman characterized the tariffs as an “economic nuclear war” in a post on X. He called for a flat 10% tariff for “the privilege” of accessing the US market but proposed pausing the reciprocal duties for 90 days to facilitate private negotiations. Ackman criticized Trump for relying on advisers he deemed incompetent for economic calculations, stating, “The global economy is being taken down because of bad math.”
Even tech mogul Elon Musk, who serves as Trump’s government efficiency czar, added to the criticism. He made a series of comments on social media targeting Peter Navarro, the White House trade adviser and key architect of the tariff strategy, asserting that he “ain’t built sh*t” with the policy. Musk’s brother, Kimbal Musk, a Tesla board member, also denounced the tariffs, referring to them as a “structural, permanent tax on the American consumer.”
Treasury Secretary Bessent remarked on Monday that Washington is prepared for “meaningful negotiations” in the coming weeks with trade partners who have responded “positively” to Trump’s tariffs. He condemned China for its retaliatory measures, accusing Beijing of “choosing to isolate itself by retaliating and doubling down on previous negative behavior.” In response, China described the new US tariffs as “economic bullying” and warned that they could destabilize the entire global trade system.
Ramin Sohrabi contributed to this article for TROIB News
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