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‘Economic nuclear war’, ‘stupid’, ‘arrogant’, ‘ignorant’: US billionaires slam Trump’s tariffs | Scoop
Aditya Vyas / Unsplash pic. - April 8, 2025
Corporate

‘Economic nuclear war’, ‘stupid’, ‘arrogant’, ‘ignorant’: US billionaires slam Trump’s tariffs

Where they have avoided public comment on presidential policies in the past, some leaders of corporate America are now voicing out over damage to world trade and the US itself

Deborah Loh
Updated
9:00 PM MYT

 

KUALA LUMPUR — As US President Donald Trump’s reciprocal tariffs upend markets, ignite economic fears and send governments rushing to the negotiating table, here’s what corporate America, including wealthy business leaders who endorsed him for a second term as president, are saying about the tariffs – and some are not holding back:

Bill Ackman, billionaire hedge fund manager, founder and CEO of Pershing Square Capital Management, endorsed Trump’s 2024 presidential bid:

“By placing massive and disproportionate tariffs on our friends and our enemies alike and thereby launching a global economic war against the whole world at once, we are in the process of destroying confidence in our country as a trading partner, as a place to do business, and as a market to invest capital.

“The president has an opportunity to call a 90-day time out, negotiate and resolve unfair asymmetric tariff deals, and induce trillions of dollars of new investment in our country.

Bill Ackman, billionaire hedge fund manager, founder and CEO of Pershing Square Capital Management, speaking critically about the Trump administration’s tariff strategy. – Social media pic, April 8, 2025

“If, on the other hand, on April 9th we launch economic nuclear war on every country in the world, business investment will grind to a halt, consumers will close their wallets and pocket books, and we will severely damage our reputation with the rest of the world that will take years and potentially decades to rehabilitate.

“What CEO and what board of directors will be comfortable making large, long-term, economic commitments in our country in the middle of an economic nuclear war?

“I don’t know of one who will do so.

“When markets crash, new investment stops, consumers stop spending money, and businesses have no choice but to curtail investment and fire workers.

“And it is not just the big companies that will suffer. Small and medium size businesses and entrepreneurs will experience much greater pain. Almost no business can pass through an overnight massive increase in costs to their customers.

“…we are heading for a self-induced, economic nuclear winter, and we should start hunkering down.”

Elon Musk, world’s richest man, CEO of Tesla Inc, SpaceX, X, unofficial head of US Department of Government Efficiency, major Trump donor:

“At the end of the day, I hope it’s agreed that both Europe and the United States should move ideally, in my view, to a zero-tariff situation, effectively creating a free-trade zone between Europe and North America.”

(Remarks made to Italy’s Deputy Prime Minister Matteo Salvini in a video interview)

Musk has also reportedly asked Trump in person to reconsider the reciprocal tariffs on imports from a number of countries, The Washington Post has reported citing sources.

The billionaire and Trump sponsor is said to have warned against rising costs for consumers and businesses.

Elon Musk, CEO of Tesla Inc and SpaceX, expressed support for a zero-tariff trade zone between Europe and North America. – Social media pic, April 8, 2025

Kenneth Fisher, billionaire, founder and executive chairman of Fisher Investments:

“What Trump unveiled (last) Wednesday is stupid, wrong, arrogantly extreme, ignorant trade-wise and addressing a non-problem with misguided tools. Yet, as near as I can tell it will fade and fail and the fear is bigger than the problem, which from here is bullish.”

Kenneth Fisher, billionaire investor and executive chairman of Fisher Investments, describing Trump’s tariff plan as “stupid” and “ignorant” in a blunt social media thread. – Social media pic, April 8, 2025

“All of what Trump unveiled is aimed at reducing/eliminating the U.S. trade deficit. Trade deficits have, by themselves, never been causal or predictive of anything. Ever. His statement they are “a loss” is wrong. They are a non-problem.

“His reciprocal tariff rates aren’t calculated based on other countries’ tariff rates. He somehow assumes if we have a trade deficit with a country they are unfairly taking advantage of us. Ridiculous.

“If GOP congress members don’t get Trump’s tariffs reigned in pretty quickly the mid-terms….not that far away, the campaign starting this fall, will be a blood bath for them big time.

Jamie Dimon, CEO of JPMorgan Chase:

“The recent tariffs will likely increase inflation and are causing many to consider a greater probability of a recession.

“As for the short-term, we are likely to see inflationary outcomes, not only on imported goods but on domestic prices, as input costs rise and demand increases on domestic products. How this plays out on differ- ent products will partially depend on their substitutability and price elasticity. Whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth.

Jamie Dimon, CEO of JPMorgan Chase, warning in his shareholder letter that the tariffs could raise inflation and increase the likelihood of a recession. – Wikimedia commons pic, April 8, 2025

“There are many uncertainties surrounding the new tariff policy: the potential retaliatory actions, including on services, by other countries, the effect on confidence, the impact on investments and capital flows, the effect on corporate profits and the possible effect on the U.S. dollar. The quicker this issue is resolved, the better because some of the negative effects increase cumulatively over time and would be hard to reverse. In the short run, I see this as one large additional straw on the camel’s back.

“I am hoping that after negotiations, the long-term effect will have some positive benefits for the United States. My most serious concern is how this will affect America’s long-term economic alliances.”

Simon MacAdam, deputy chief global economist at consultancy Capital Economics:

“Businesses are likely to hold off making investments due, in large part, to the sheer uncertainty.

“If you’re a mid-sized or even a large-cap company, you’re going to be very hesitant about what to do.

“If those tariffs are going to be negotiated back down again in a few months’ time, then you’d be wasting your time investing potentially hundreds of millions of dollars in new plants… in the US.”

Trump has announced a baseline 10% tariff on all goods imported into the US, effective April 5, and tailored reciprocal tariffs for what the president called “worst offender” countries, effective April 9.

In 24 hours after his announcement on April 2, data from the Bloomberg Billionaire Index showed a loss of US$208 billion in the combined wealth of the world’s top 500 billionaires. – April 8, 2025

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