Buyer’s Remorse? 5 Trump Allies Speaking Out Against Tariffs
Written by
Laura Bogart
Edited by
Kristen Mae
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Starting on what the Trump administration dubbed “Liberation Day,” a series of tariffs were rolled out with the stated goal of bringing manufacturing back to the United States. On the surface, this seems like a win-win. After all, who doesn’t want American companies to thrive?
However, in reality, the tariffs have not had the positive effect that supporters had hoped for. The markets experienced dramatic whiplash that affected not just high-net-worth investors, but also everyday Americans with 401(k) plans. Even institutions like JPMorgan have sounded the alarm that the country could be on the brink of a recession.
Americans are hearing those alarm bells loud and clear. Recent polling shows increasing dissatisfaction with Trump’s economic policies. Among those Americans? Some of his most vocal allies. Several notable Trump supporters have broken ranks, citing the negative impact of tariffs on the economy and their personal finances.
Here are five Trump allies now speaking out against tariffs:
1. Dave Portnoy
Portnoy, founder of Barstool Sports, has been a vocal Trump supporter since 2015. In a blog post, he wrote, “I don’t care if he’s a joke. I don’t care if he’s racist. I don’t care if he’s sexist. I don’t care about any of it. I hope he stays in the race and I hope he wins. Why? Because I love the fact that he is making other politicians squirm.”
Unfortunately for Portnoy, it turns out that the only thing squirming is his portfolio. After “Liberation Day,” which he dubbed “Orange Monday,” Portnoy said his net worth dropped by 10 to 15 percent. He estimates that he lost about $20 million due to tariff-driven market turmoil.
In an interview, he admitted that he didn’t expect the economic policies he voted for to have such a negative effect on his own wallet: “You know, he ran on tariffs. He said he was a tariff fan. And I don’t pretend to be an economist. I don’t think I realized that we’d have this market crash. I don’t think most people did.”
2. Joe Rogan
When Rogan, influential podcaster and arguably the king of the manosphere, endorsed Trump in the 2024 election, it made headlines. However, less than a year later, Rogan is voicing doubts about some of Trump’s policies, including aspects of mass deportations as well as tariffs.
Rogan expressed particular concern over the decision to impose tariffs on close allies like Canada. “I’m scared of this tariff stuff because it’s radical change, and I’m scared of radical change,” he said on a recent episode.
3. Ben Shapiro
More of a traditional conservative than Portnoy and Rogan, Shapiro — once a Ron DeSantis backer who threw his support to Trump after DeSantis dropped out — has not had kind words for the administration’s tariff rollout. “I think that the way that the tariff plan was rolled out is about as bad a rollout as you could do,” he said.
Shapiro has even gone further, saying that the notion of tariffs being used as an economic lever to build America’s wealth was “problematic.” He also disabused his followers of the idea that tariffs were going to bring back manufacturing jobs, calling it “untrue.”
4. Bill Ackman
Bill Ackman, billionaire hedge fund manager and CEO of Pershing Square Capital Management, publicly endorsed Trump for president in 2024. But in the wake of “Liberation Day,” he took to X (formerly Twitter) to deliver scathing criticism of the tariffs: “Business investment will grind to a halt, (and) consumers will close their wallets if the new levies do indeed come into force … We will severely damage our reputation with the rest of the world that will take years and potentially decades to rehabilitate.”
In a follow-up post, he didn’t mince words: “We are heading for a self-induced, economic nuclear winter, and we should start hunkering down.”
5. Elon Musk
Is this the beginning of the end for the Trump-Musk alliance? The Tesla and SpaceX CEO has voiced support for free trade, putting him at odds with Trump’s heavy-handed tariff strategy.
In a video conversation with Italian leaders, Musk said: “I hope it is agreed that both Europe and the United States should move ideally in my view to a zero-tariff situation, effectively creating a free trade zone between Europe and North America.”
That statement stands in sharp contrast to Trump’s tariff-focused approach.
The Bottom Line
Tariffs were pitched as a way to boost American manufacturing and put the U.S. economy first. In reality, they’ve shaken the markets, rattled investors, and frustrated even some of Trump’s most loyal supporters. With criticism now coming from inside the tent, it remains to be seen whether these policies will remain a key element of Trump’s economic strategy or become a cautionary tale.
Editor’s note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
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