Billionaires criticize Trump tariffs
(MENAFN) Several prominent American billionaires and financiers have strongly criticized President Donald Trump's recent tariffs, calling them poorly conceived and potentially damaging to the US economy. On April 2, Trump imposed a minimum 10% tariff on all imports, with additional tariffs ranging from 11% to 50% on countries accused of unfair trade practices. China retaliated with a 34% tariff on US imports, while other nations signaled their willingness to negotiate but warned of countermeasures if talks failed. Global markets reacted negatively, with major indexes in the US, Europe, and Asia falling for three consecutive days.
JPMorgan Chase CEO Jamie Dimon warned that the tariffs would likely lead to higher inflation and recession risks, with long-term effects difficult to reverse. Ken Langone, co-founder of Home Depot, criticized the tariffs as overly aggressive and rushed, especially the 34% tariff on China. He called for a more balanced approach with negotiable waivers. Hedge fund investor Stanley Druckenmiller also expressed his opposition to tariffs exceeding 10%.
Billionaire investor Bill Ackman described the tariffs as an “economic nuclear war” and suggested a flat 10% tariff, with a 90-day pause for negotiations. Elon Musk and his brother Kimbal Musk also condemned the tariffs, with Elon Musk blaming White House trade adviser Peter Navarro for the policy's design. Treasury Secretary Bessent stated that the US is open to negotiations with trade partners who have responded positively to the tariffs, while China labeled the tariffs as “economic bullying” and warned of global trade instability.
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