Some prominent commercial allies of President Donald Trump are talking against the president’s tariffs, since the Whipsows policy markets and triggers warnings of recession.
The billionaire financial Bill Ackman, who supported Trump’s 2024 campaign on Monday struck Tariffs as an “important policy error.”
“Business investment will stop, 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,” Ackman said in a mail In x a day before, urmpating Trump to stop the release of the policy for 90 days.
ACKMAN warned that politics could achieve a “economic nuclear war.”
Tesla CEO, Elon Musk, a Top Trump advisor, said on Saturday that he wants a “zero and objective situation” between the United States and Europe. The comments occurred during an interview with the videoconference with Matteo Salvini, VicePrimer Minister of Italy.
That earlier day, Musk abruptly criticized the Trump Peter Navarro tariff advocator, Trump’s main advisor to trade and manufacturing.
“A doctorate in Econom de Harvard is a bad thing, it’s not good,” Musk said about Navarro in a mail In X.
The last reversal came from the JPMorgan Chase Jaime Dimon CEO, who launched a letter Investors on Monday warn that Trump’s tariffs would increase prices and possibly incline the United States to a recession.
“If the tariff menu causes a recession remains in question, but growth will decrease,” Dimon said.
However, as recently as January, Dimon expressed his support for Trump’s rate proposal, the then elected president, and rebuked concerns about potential price increases.
“If it is a bit inflationary but it is good for national security, so it is,” Dimon told CNBC. “I mean, suppose it.”
Dimon, who did not support a candidate in the 2024 presidential elections, praised Trump’s policies at the beginning of last year.
“He was right about NATO, something right in immigration. The economy grew quite well. Commercial tax reform worked. He was right about some from China,” Dimon told CNBC.
The White House Press Secretary, Karoline Leavitt, listens, while President Donald Trump talks to journalists while in flight on Air Force One, on the way to the Andrews joint base on April 6, 2025.
Mandel and/AFP
A market sale extended the losses that date back to Trump’s announcement of long -range tariffs last week. The Dow suffered its worst week since 2020, and the Nasdaq ended last week in a bearish market.
The new rates have two key policies: a 10% uniform rate for all imports and “reciprocal” imports and rates imposed on approximately 60 nations that place tariffs in US imports.
Trump has sent mixed signals about his willingness to negotiate with the nations objective on tariff levels.
“Countries around the world are talking to us,” Trump said Monday in Social truth. “Hard but fair parameters are being established.”
Shortly after, however, Trump threatened to slapped an additional 50% tariff on China, unless the country removes 34% of the retaliation rates announced last week.
These retaliation tariffs occurred in response to a 34% rate announced by the United States before, which reached the top of 20% of rates already imposed on China. The 50% threatened tariff would carry a total of US tariffs to Chinese products to 104%.
During the weekend, billionaire investor Stanley Druckenmiller seemed to change his position towards Trump’s economic policies.
“I do not support tariffs above 10%,” said Druckenmiller in an X post on Sunday.
Less than three months before, Druckenmiller said the CEOs were “stunned” over Trump’s electoral victory.
“We probably go from the most anti-negotal administration to the contrary,” Druckenmiller added.
