In the midst of a stock market panic triggered by Donald Trump’s tariff policy, prominent billionaires in the U.S. are increasingly voicing their criticism. Once supporters of Trump and the Republican Party, they are now expressing concern over the tariffs, labeling them excessive and urging for an immediate halt.
Ken Langone, a co-founder of Home Depot and a longtime Republican supporter, criticized Trump in an interview with the Financial Times, suggesting the president has been “poorly advised” on tariffs. He specifically called the 46% reciprocal tariff on Vietnam “nonsense” and criticized the 34% reciprocal tariff on China as being overly aggressive and hasty.
Langone proposed a more constructive approach, suggesting a universal 10% tariff on imports followed by bilateral negotiations with countries. He expressed frustration with the current tariff calculation methods. Stanley Druckenmiller, a billionaire investor, also expressed his opposition to tariffs exceeding 10% on social media.
Bill Ackman, another billionaire investor and Pershing Square Capital Chairman who supported Trump in the last election, described the tariffs as a “significant policy error” and urged for a 90-day suspension to allow for negotiations, warning of a “self-inflicted economic nuclear winter” without such actions.
Jim Rogers, a renowned investor, highlighted that while tariffs might offer short-term benefits, they have rarely served everyone well in the long run. Even Elon Musk, perceived as close to Trump, has harshly criticized tariffs, advocating for a free trade zone between the U.S. and Europe and rebuked Peter Navarro, Trump’s trade advisor.
JP Morgan Chase CEO Jamie Dimon, referred to as the “Emperor of Wall Street,” warned shareholders that tariffs could heighten inflation and increase recession risks, emphasizing the difficulty of reversing their negative impacts over time. Former Commerce Secretary Wilbur Ross also expressed concerns, noting more severe effects than anticipated, particularly on Vietnam, China, and Cambodia, and questioned the logic behind tariff calculations.
In Congress, bipartisan efforts are underway to propose legislation to limit the president’s absolute authority over tariffs. Senator Ted Cruz from Texas, a Republican, hopes Trump will heed warnings from “angels” like Musk who criticize the tariff policy.