US President Donald Trump’s tariff policies have taken a toll on the stock market, hitting billionaire investors hard. The tariffs announced last week have caused a significant decline in global markets, with stocks down nearly 10% in April so far. Many of these billionaires, including big supporters of Trump, are now criticizing his policies.
Notable investors such as Dan Loeb and Bill Ackman have spoken out against the tariffs, with Ackman pushing for a 90-day pause. Jamie Dimon, CEO of JPMorgan, has also expressed concerns about the economic impact of tariffs, saying they would slow down the economy. In contrast, billionaire Stanley Druckenmiller, a former protégé of Treasury Secretary Scott Bessent, has stated that he does not support tariffs exceeding 10%.
The reversal of opinion from the world’s wealthiest is not surprising, considering Trump’s history of veering between love and hate with his hometown elite. However, this time feels different as investors are feeling powerless due to Washington’s influence on markets.
Some investors are now betting against US companies, such as a trader who shorted the market, only to see it spike temporarily on false news about a potential reprieve from tariffs. The White House has denied any pause, and Trump has threatened even higher tariffs against China. In response, some investors are starting to bet on China over the US.
The Chinese Communist Party’s mouthpiece, the People’s Daily, has stated that “the more pressure we get, the stronger we become.” Some investors, such as David McCormick, a Republican senator and former CEO of Bridgewater Associates, have expressed confidence in the US economy and are betting against China.
Source: https://www.businessinsider.com/billionaires-trump-tariffs-stocks-hedge-funds-ackman-loeb-druckenmiller-2025-4