Billionaire investors on Wall Street are united in their opposition to President Trump’s tariffs, with many taking to social media and writing letters to express their concerns. The tariffs, which have already caused a significant sell-off in the stock market, have sparked fears of an economic downturn.
Despite repeated appeals from major banks and other corporations, President Trump has refused to back down on his tariff plans. Chief executives from JPMorgan Chase, BlackRock, and UBS Americas met with Commerce Secretary Howard Lutnick to urge him to reconsider, but he was not swayed.
Megadonors to Mr. Trump’s re-election campaign have also tried to persuade him to change course, but their efforts were unsuccessful. Hedge fund billionaires like William A. Ackman are now speaking out against the tariffs, warning that they could lead to a global economic downturn.
The opposition from Wall Street comes as the market continues to drop at an alarming rate, with many investors scrambling to find signs of distress among their clients and investments. One major investment bank is even considering reducing the value of its loans to “safe” companies before reporting its earnings results.
While some Wall Street executives have toned down their criticism in recent days, it’s clear that the industry is increasingly concerned about the impact of Mr. Trump’s trade policy on the economy. The White House has maintained that the tariffs are necessary to address chronic trade deficits and promote long-term job creation in industries like manufacturing.
Source: https://www.nytimes.com/2025/04/08/business/trump-tariff-wall-street-reaction.html