this post was submitted on 09 Apr 2025
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Economics

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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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[–] sharkfucker420@lemmy.ml 3 points 1 week ago (1 children)

Well it isn't as if billionaires are a unified block. They have the obvious split between Democrat and Republican but since they are also relatively safe in their position regardless of who wins an election there are also many who are aren't particularly bothered either way until it screws them. So we have this group who was maybe willing to hear Trump out in some regards realizing very quickly that they are gonna get screwed. It was bound to happen but the incoming economic crisis should allow those who support Trump to buy up the businesses that fail and consolidate economic power. We will see though

[–] Fingolfinz@lemmy.world 1 points 1 week ago

Well hopefully they’ll all get eaten at the end of everything