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President Donald Trump’s tariff policies are roiling global markets and the U.S. economy, and now his billionaire backers are up in arms about it.
Trump’s decision to unilaterally levy new tariffs across dozens of countries has triggered days of Wall Street sell-offs. So far, more than $6.6 trillion in market value has been lost and there are signs that the markets will be more negative in the days and weeks ahead. The Dow Jones Industrial Average, Nasdaq composite, and S&P 500 indexes are all down and the rest of the global economic system is being dragged down as well.
By contrast, Trump—the architect of the problem—says that everything is okay.
“The United States has a chance to do something that should have been done DECADES AGO. Don’t be Weak! Don’t be Stupid! Don’t be a PANICAN (A new party based on Weak and Stupid people!). Be Strong, Courageous, and Patient, and GREATNESS will be the result!” Trump wrote on his Truth Social account on Monday morning.
Before that, he claimed (without evidence) that his tariffs are “bringing in billions” and said in remarks to reporters on Sunday that he has been in contact with world leaders and they “are dying to make a deal.”
But world leaders have slammed Trump’s tariff actions and many of the leading economic powers—the European Union and multiple Asian nations including China—have responded with tariffs of their own.
Several of the billionaires who backed Trump’s most recent presidential campaign are now publicly freaking out about what he has done to the markets.
Billionaire hedge fund manager Bill Ackman wrote on Sunday that Trump’s “massive and disproportionate tariffs” had launched “a global economic war against the whole world at once.”
Ackman called on Trump to declare a 90-day “time out” or else “we are heading for a self-induced, economic nuclear winter, and we should start hunkering down.”
Ackman endorsed Trump in 2024, arguing that he trusted Trump to deal with immigration and antisemitism. Ackman has not loudly complained about Trump’s policies abducting migrants, destroying government departments, or erasing history—but is now vocal now thatthe markets are affected.
Trump’s most visible billionaire backer, Elon Musk, also voiced some concerns over the tariffs. In comments before a far-right Italian political party on Saturday, Musk said he wanted the U.S. and Europe to be in “a zero-tariff situation.” The opinion is a direct contradiction with Trump, who has inaccurately argued for years that tariffs can be used to grow American success.
Musk also posted a message to his social media network X, criticizing Trump economic adviser Peter Navarro, who is one of the major forces behind Trump’s tariff policy.
On the media front, one of Trump’s strongest allies, Fox Business anchor (and conspiracy theorist) Maria Bartiromo labeled the tariff issue a “debacle” during her Monday show.
There are more alarm bells ringing from the wealthy elite.
JPMorgan Chase CEO Jamie Dimon, who has backed Democrats in the past, was an early defender of Trump on tariffs. In January, he defended impending Trump tariffs, telling a wealthy audience at the World Economic Forum in Switzerland, “I would put in perspective: If it’s a little inflationary, but it’s good for national security, so be it. I mean, get over it.”
Now he has also changed his tune. In his annual shareholder letter released Monday, Dimon said the tariffs would likely lead to “inflationary outcomes.”
Trump’s team has nonetheless tried to spin the bad situation. Appearing next to screens and screens of red-colored text forecasting another down day in the markets, Navarro appeared on CNBC on Monday and said the tariffs were “a beautiful situation.”
There were warnings that Trump’s policies would be a mess, leading to increased costs on basic goods and even leisure items, like video and board games.
“You don’t just throw around the idea of just tariffs across the board, and that’s part of the problem with Donald Trump,” former Vice President Kamala Harris said in September 2024.
“I say this in all sincerity, he’s just not very serious about how he thinks about some of these issues. And one must be serious and have a plan, and a real plan that’s not just about some talking point ending in an exclamation at a political rally, but actually putting the thought into what will be the return on the investment, what will be the economic impact on everyday people.”
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