Trump Tariffs Spark Criticism from Wealthy Supporters, Wreak Havoc on Markets

Recent tariffs imposed by President Trump have sparked criticism from various prominent business figures, including Ken Griffin and Ken Langone, who argue that these measures will lead to significant price increases for American consumers and harm the middle class. Griffin described the tariffs as a 'tax on middle-class families' that could raise costs by 20-40% on essential goods, emphasizing that even if manufacturing jobs return to the U.S., the process will take decades. Notably, many of Trump's former allies, such as billionaire investors Bill Ackman and Jamie Dimon, have also expressed their concerns about the potential economic fallout, warning of a possible 'economic nuclear winter.' The tariffs have already caused turmoil in global markets, leading to substantial financial losses for tech giants like Elon Musk, Jeff Bezos, and Mark Zuckerberg. This backlash highlights a growing divide between Trump's economic policies and the realities faced by both consumers and businesses. Overall, the sentiment is shifting among previously supportive billionaires, reflecting a broader unease about the long-term implications of Trump's trade strategy.