President Donald Trump’s tariffs have sparked widespread criticism from prominent business allies, who warn that the policies could lead to a global economic war. Billionaire financier Bill Ackman has described the tariffs as a “major policy error” and warned of an “economic nuclear war.” Tesla CEO Elon Musk, a top Trump adviser, also criticized tariff-advocate Peter Navarro, saying his economic views are not credible.
JPMorgan Chase CEO Jaime Dimon has expressed concerns that Trump’s tariffs could raise prices and tip the US into a recession. However, earlier this year, Dimon voiced support for then-President-elect Trump’s tariff proposal and praised the president’s policies on trade tax reform and national security.
The new tariffs feature two key policies: a uniform 10% tariff for all imports and reciprocal tariffs imposed on roughly 60 nations that place duties on US imports. The move has sent shockwaves through markets, with the Dow suffering its worst week since 2020 and the Nasdaq ending last week in a bear market.
Trump has sent mixed signals about his willingness to negotiate with target nations over tariff levels, but has threatened to impose additional tariffs on China if it does not withdraw retaliatory tariffs. The latest reversal came from billionaire investor Stanley Druckenmiller, who said he no longer supports tariffs exceeding 10%.
As the situation continues to unfold, concerns grow that Trump’s tariffs could have far-reaching consequences for the global economy and potentially spark an “economic nuclear war.”
Source: https://abcnews.go.com/Business/economic-nuclear-war-billionaires-criticize-trumps-tariffs/story?id=120570107