Washington, D.C. – Billionaire supporters of President Donald Trump, including prominent figures like Elon Musk, made their voices heard on Monday morning as global stock markets faced a further plunge due to the escalating trade war.
Musk, known for his role at Tesla, did not directly criticize the tariffs imposed by Trump but instead shared a video of economist Milton Friedman promoting free trade and the benefits of importing goods.
Jamie Dimon, CEO of JPMorgan Chase, expressed concerns about the tariffs in his annual letter to shareholders, citing potential inflation increases and a heightened likelihood of recession. Dimon also highlighted the uncertainties surrounding Trump’s tariffs and their impact on long-term economic relationships.
Bill Ackman, a hedge fund manager and longtime Trump supporter, publicly denounced the tariffs and called for a pause in their implementation. Ackman warned of severe economic consequences if the tariffs were put into effect, stating that the country could be heading towards an “economic nuclear winter.”
Daniel Loeb, a hedge fund manager who previously believed that Trump’s initial tariffs would not harm the stock market, has now spoken out against the broader tariff policy. Loeb criticized the stock market chaos caused by one person’s decisions and emphasized the unpredictable nature of the situation.
As a result of Trump’s tariff announcement, the top 10 billionaire donors to his campaign collectively lost over $10 billion in the stock market. This loss contributed to a total of $270 billion being wiped off the net worth of billionaires globally. High-profile figures like Mark Zuckerberg, Jeff Bezos, Larry Ellison, and Elon Musk were among those most affected by the market downturn.
Despite backlash from billionaire donors and economic experts, President Trump remained steadfast in his support of the tariffs, emphasizing the need for long-overdue actions to improve the economy. Trump defended his stance, stating that sometimes tough measures, like tariffs, are necessary to address underlying issues.
Trump’s decision to impose sweeping tariffs on imports from various countries, including those with negligible populations, has been met with criticism from economists and business leaders. The tariffs were a key promise of Trump’s campaign, aimed at boosting American manufacturing and rectifying what he perceives as unfair trade practices by other nations.
The criticism from billionaire donors marks a shift in their support for Trump, as many had backed his candidacy and contributed significant funds to his campaign. Despite the initial backing, the repercussions of the tariffs have led to public dissent from previously vocal supporters.
In light of the market turmoil caused by the tariffs, uncertainties loom over the future impact on the economy and global trade relationships. The divergence of opinions between Trump and his billionaire supporters underscores the complex challenges faced in navigating the trade war’s consequences.