3 Billionaires Who Are Criticizing Trump’s Tariff Plans — Are They Right?
Written by
Heather Altamirano
Edited by
Levi Leidy
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President Trump’s tariff policies have been making headlines around the world and creating waves in the United States economy. The market has been a roller coaster the last couple of weeks due to the threat of steep tariffs and some billionaires are no longer supporting Trump as a result. Several are expressing concern over the tariffs and have chastised Trump about the alarming situation.
Three billionaires in particular have called for Trump to slow down on tariffs and have publicly rebuked him. Here’s what these prominent tycoons said and if their criticism is right.
Bill Ackman: Tariffs Will Lead to ‘Economic Nuclear War’
Bill Ackman, a hedge fund manager and founder/CEO of Pershing Square Capital Management, has pushed back against Trump and his tariff policies. In a lengthy post on X,1 the billionaire wrote, [if] “we launch economic nuclear war on every country in the world, business investment will grind to a halt, 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.”
While he’s not wrong, money expert Andrew Lokenauth2 believes his assessment is “quite dramatic.”
He explained, “The metaphor is over-the-top (typical Wall Street speak), but the underlying concern is valid. From what I’ve seen working with manufacturing companies, even small tariff changes can totally disrupt supply chains.”
Lokenauth added, “A 10%-34% tariff jump — that’s massive. I remember back in September when I was consulting for a mid-sized auto parts manufacturer. They were already struggling with a 5% cost increase. Now imagine tripling or quadrupling that. Their margins would be destroyed.”
Jamie Dimon: There Is a Greater Chance of Recession
JPMorgan CEO Jamie Dimon issued a very outspoken warning for Trump. In his annual letter to investors,3 Dimon painted a bleak picture as he cautioned that the “recent tariffs will likely increase inflation and are causing many to consider a greater probability of a recession.”
An economic downturn is likely, according to Lokenauth.
“Based on my experience modeling economic impacts, Dimon’s take is spot-on,” he said. “I’ve run the numbers countless times — when you add 10%-34% to import costs, somebody’s gotta pay. And it’s usually not just the direct cost. There’s this cascading effect through the supply chain.”
He continued, “Last April, I worked with a consumer goods company that sourced materials from six different countries. Their costs went up 8% from a small tariff change, and they had to raise prices 12% to maintain margins. With these new proposed tariffs, we’re talking about way bigger impacts.”
Ken Fisher: Trump’s Tariffs Are ‘Stupid, Wrong and Arrogant’
Ken Fisher, the founder and executive chairman of Fisher Investments, isn’t holding back. He blasted Trump on X,4 writing, “What Trump unveiled (last) Wednesday is stupid, wrong, arrogantly extreme, ignorant trade-wise and addressing a non-problem with misguided tools. Yet, as near as I can tell it will fade and fail and the fear is bigger than the problem, which from here is bullish.”
Fisher’s language is bold and brazen, but not completely wrong, Lokenauth stated. “From my analysis of trade data, Fisher’s assessment is partially right but oversimplified.”
According to Lokenauth, “The trade imbalances are real — I’ve got spreadsheets full of data showing the asymmetry. But his point about the solution being misguided resonates with me.
“I spent months studying similar tariff implementations in other countries. The data shows they’re like using a sledgehammer when you need a scalpel. The retaliatory effects alone can wipe out any potential benefits. And timing-wise, launching this during heightened global tensions feels especially risky.”
The Damage Is Done
While Trump has been back and forth on imposing higher tariffs, Lokenauth explained why the situation keeps him up at night.
“Even if these tariffs get walked back (which I think they will), the uncertainty is already doing damage,” he said. “In my advisory work, I’m seeing companies freeze expansion plans, delay hiring and stockpile inventory — exactly the behaviors that can trigger the recession Dimon’s worried about.”
While Trump has stated5 that his tariffs will help rebalance trade with the U.S. and international partners, as well as prevent drugs from entering the country, not all Americans are not convinced that’s the case and the list of billionaire Trump supporters who are speaking out is growing.
Sources
- X, Bill Ackman (April 6, 2025) ↩︎
- Andrew Lokenauth ↩︎
- JPMorganChase, “Chairman and CEO Letter to Shareholders.” (April 7, 2025) ↩︎
- X, Ken Fisher (April 7, 2025) ↩︎
- The White House, “Fact Sheet: President Donald J. Trump Imposes Tariffs on Imports from Canada, Mexico and China.” (Feb. 1, 2025) ↩︎
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