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Call it the billionaire boomerang: The ultrawealthy are turning on Trump over tariffs (www.businessinsider.com)

submitted 1 week ago by MicroWave@lemmy.world to c/economics@lemmy.world

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Summary

Trump’s recent tariff hikes have triggered a sharp market downturn, prompting backlash from wealthy former allies.

Billionaires like Dan Loeb, Bill Ackman, and Ken Griffin have condemned the policy shift, citing financial losses and economic instability.

JPMorgan CEO Jamie Dimon warned tariffs could isolate the U.S. and slow growth. Home Depot’s Ken Langone questioned the tariff logic, while Stanley Druckenmiller opposed rates over 10%.

Investors feel powerless amid volatility driven by political decisions, not fundamentals.

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[–] kata1yst@sh.itjust.works 25 points 1 week ago

If only they could have anticipated the candidate that promised mass deportations, extensive weaponized tariffs, and has a known habit of not paying debt and bankrupting successful businesses would be bad for the economy!