Billionaires Who Are for and Against Trump’s Tariffs
Written by
Jacob Wade
Edited by
Amber Barkley
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President Donald Trump’s trade war with the rest of the globe has turned markets upside down. Stocks have whipsawed back and forth, with the market dropping nearly 20% only to jump 10% in one day when Trump paused some of the larger tariffs announced just weeks earlier.
And while many billionaires supported a Trump election, some are calling for him to pull back on his tariff plan.
Here’s a list of billionaires who are for and against Trump tariffs — and it may be surprising.
Next, find out which entrepreneurs made billions after Trump’s election.
Billionaires Who Are for Trump’s Tariffs
There are quite a few billionaires who famously endorsed Trump for president, including Mark Zuckerberg, Elon Musk and Jamie Dimon.
These billionaires were ecstatic when Trump was elected in 2024. And some — like Musk — even became advisors to the 47th President of the United States.
But for all the billionaire Trump fans that were celebrating just a few months ago, very few support his current tariff plans.
Kevin O’Leary of “Shark Tank” spoke in support of the tariffs on Chinese imports on an April CNN panel — in fact, he called for them to be higher — but he has also called for more clarity in messaging, The Hill reported.
Grant Cardone is another billionaire who has spoken in support of the tariffs. He posted on X, “If tariffs are so bad, why do other countries impose them?” He told Fox News in April that he expects tariffs to lower prices.
Of Trump’s other billionaire supporters, however, many remained quiet about their thoughts on the Trump tariffs — and many have actually come out and spoken against his tariff plans.
6 Billionaires Who Are Against Trump’s Tariffs
When the tariffs were announced on April 2, the stock market was rocked. Over the next few weeks, the market dropped nearly 20% from its previous all-time high. Within just a few days of the announcement, the 500 richest billionaires worldwide lost over $500 billion in wealth.
This has spurred many to come out and push back against the proposed tariffs — with some calling for Trump to pull back or even repeal his proposal altogether.
Here are six billionaires that are adamantly against the tariffs.
Jamie Dimon
Jamie Dimon is the CEO of Chase Bank and made his billions steering Chase through the 2008 financial crisis and beyond. His net worth is currently about $2.5 billion, mostly consisting of Chase Bank stock.
Dimon is a Trump supporter who has flip-flopped on his opinion of the tariffs. Dimon originally supported the idea of tariffs — telling people who opposed tariffs to “get over it.” But his tune has changed.
Dimon told Fox News that a recession was “a likely outcome” after seeing the market turmoil just a week after tariffs were announced. He is taking a calmer approach, though, saying, “Let them settle down … negotiate some trade deals. That’s the best thing they can do.”
Stanley Druckenmiller
Stanley Druckenmiller is worth nearly $7 billion and is the founder of the investment firm Duquesne Family Office. He’s a former hedge fund manager that worked under billionaire George Soros and has since shut down his hedge fund to manage investments through his family office.
Druckenmiller has taken a stance against some of Trump’s more outlandish tariffs. In a post on X, Druckenmiller said that he did “not support tariffs exceeding 10%.”
Mark Cuban
Mark Cuban supported former Vice President Kamala Harris in her bid for president and continues to rail against Trump’s decisions as president so far. In a recent post on social media app BlueSky, Cuban wrote, “Elections have consequences.”
This post was in reference to the stock market turmoil caused by Trump’s tariff announcement in early April 2025. Cuban has gone on to blast the tariffs, stating how small businesses are feeling the brunt of the impact.
Elon Musk
Elon Musk — known the the “First Buddy” for his role in the Department of Government Efficiency (DOGE) — was the No. 1 Trump donor and supporter. The wealthiest man in the world has a net worth of over $390 billion and seemed like a full Trump supporter.
But even Musk has pushed back on the proposed Trump tariffs, making a personal appeal to Trump to reverse the sweeping tariffs, according to a report from The Washington Post.
Bill Ackman
Bill Ackman is a Trump supporter and billionaire hedge fund manager with a net worth of over $9 billion. He has been a vocal opponent of the way that Trump is going about the global trade war.
On X, Ackman wrote, “By placing massive and disproportionate tariffs on our friends and our enemies alike and thereby launching a global economic war against the whole world at once, we are in the process of destroying confidence in our country as a trading partner, as a place to do business, and as a market to invest capital.”
He doesn’t think tariffs on the whole are bad but that the aggressive nature of the approach Trump is taking is hurting the U.S. economy and the entire world at the same time.
Ken Fisher
Ken Fisher is another Trump supporter and billionaire, currently worth over $11 billion. He called the president’s approach to tariffs “arrogantly extreme.”
Fisher posted on X, “On tariffs Trump is beyond the pale by a long shot.”
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More From GOBankingRates
Sources
- YouTube, CNN, “Kevin O’Leary calls for 400% tariffs on China.”
- The Hill, “O’Leary knocks mixed messages on Trump tariffs: ‘That’s got to get cleaned up’.”
- X, Grant Cardone
- YouTube, Fox News, “Grant Cardone: Tariffs will result in lower prices.”
- YouTube, Fox Business, “Jamie Dimon says a recession is a ‘likely outcome’ as economists sound alarm on slow down.”
- X, Stan Druckenmiller
- Bluesky, Mark Cuban
- The Washington Post, “Musk made direct appeals to Trump to reverse sweeping new tariffs.”
- X, Bill Ackman
- X, Ken Fisher
