President Donald Trump’s tariffs have sparked concern and criticism from many of the nation’s billionaires, including some of his long-time supporters. Jamie Dimon, CEO of JPMorgan Chase, told Fox Business that he believes a recession is a “likely outcome” of the tariffs. Elon Musk, CEO of Tesla, has also been vocal in his opposition, sharing a video of economist Milton Friedman praising free trade and the benefits of importing goods.
Bill Ackman, a hedge fund manager and Trump supporter, called for the White House to issue a 30, 60, or 90-day pause on the tariffs to avoid significant global economic disruption. Ken Griffin, founder of Citadel, labeled Trump’s tariffs a “huge policy mistake” and urged the audience to lobby Trump to retract them. Larry Fink, CEO of BlackRock, suggested at the Economic Club of New York that the economy is weakening and the market could drop another 20% due to the tariffs.
Joe Lonsdale, co-founder of Palantir, and Ken Langone, co-founder of Home Depot, have voiced their concerns about how the tariffs are structured and calculated. Ray Dalio, founder of Bridgewater Associates, pointed out that the tariffs are indicative of broader geopolitical and economic shifts.
Criticism grows over Trump’s tariffs
Stanley Druckenmiller sees tariffs as the “lesser of two evils” compared to an income tax, though he advised against tariffs exceeding 10%. The global stock market reacted sharply to Trump’s announcement, with a significant drop on Thursday. Elon Musk, Mark Zuckerberg, Jeff Bezos, and Larry Ellison were among those whose net worths were most affected.
In response to the criticism, President Trump has remained steadfast. On Truth Social, he urged Americans to “BE COOL!” and expressed confidence that the situation would result in a stronger U.S. economy. He defended the tariffs as a necessary move to reset U.S. trade relations.
Thomas Peterffy criticized his fellow billionaires for opposing the tariffs, suggesting they were motivated by short-term, self-serving interests. Trump has doubled down on his tariff policy, insisting they are essential for the country’s future. He stated, “The USA will be bigger and better than ever before,” and reassured reporters that while the approach is arduous, it’s necessary for a beneficial outcome for the U.S.
Image Credits: Photo by Mona Sorcelli on Unsplash
Noah Nguyen is a multi-talented developer who brings a unique perspective to his craft. Initially a creative writing professor, he turned to Dev work for the ability to work remotely. He now lives in Seattle, spending time hiking and drinking craft beer with his fiancee.
