A growing number of influential billionaires and business figures in the US, including some of President Trump’s former allies, are voicing strong opposition to his sweeping tariffs. These critics are raising alarms about the potential economic fallout, warning that Trump’s tariff policies could lead to a global recession.
Kimbal Musk, the brother of Elon Musk and a board member at Tesla, is among those who are defying Trump. Kimbal Musk criticized the tariffs as an economically damaging move, claiming that even if Trump manages to bring jobs back to the US, consumers will ultimately bear the brunt of higher prices. Musk describes the tariffs as a “permanent tax on the American consumer.”
Ken Langone, the Home Depot co-founder and longtime GOP donor, also voiced frustration with Trump’s trade policies. Langone, who previously supported the president’s deregulation agenda, expressed his confusion over the administration’s decision to impose tariffs of up to 46% on Vietnam and 34% on China. He argued that Trump’s advisers have led him astray and that these measures could backfire economically.
Billionaire hedge fund manager Bill Ackman, another former Trump supporter, warned of an “economic nuclear winter” if the tariffs go ahead. He expressed concern over the negative impact on market confidence and the potential for a dramatic downturn, citing a stock market collapse that has erased over $5 trillion in value.
JPMorgan Chase CEO Jamie Dimon, while more measured, echoed these concerns in his annual shareholder letter. Dimon warned of the long-term damage these tariff policies could cause and stressed the importance of resolving the situation quickly before the negative effects become irreversible.
The market has already begun to feel the effects of these tariff policies. The S&P 500 has dropped nearly 20%, and the Nasdaq 100 has entered bear market territory. High-profile companies, such as Apple, have lost hundreds of billions of dollars in market value, with concerns about the impact of tariffs on their global supply chains in places like China, Vietnam, and India.
The growing backlash from some of America’s most powerful business figures highlights a rift between Trump’s protectionist trade policies and the interests of the business community. While some argue that tariffs could lead to long-term gains, many others are concerned that the immediate consequences may be too severe to ignore.
