President Trump’s plan to impose significant tariffs on America’s trading partners has sparked outrage among Wall Street billionaires and business leaders. Many of these wealthy individuals, who were once supporters of Trump, are now turning against him as the stock market reels from the tariff-induced volatility. On Monday, the S&P 500 fell nearly 18 percent below its latest peak, underscoring the financial chaos caused by the tariffs.
Despite appeals from high-profile investors, President Trump has moved forward with his plans, which many fear could endanger the economy. Corporate titans have tried various methods to persuade the administration to change course. CEOs from major banks like Jamie Dimon of JPMorgan Chase met privately with Commerce Secretary Howard Lutnick, hoping to sway him, but Lutnick remained unmoved by their arguments.
Trump’s megadonors also made urgent calls to White House Chief of Staff Susie Wiles and Treasury Secretary Scott Bessent over the weekend, urging a reconsideration of the tariff strategy.
Wall Street’s plea to Trump
However, these efforts proved unsuccessful.
Billionaire investor Bill Ackman, a supporter of Trump’s 2024 presidential bid, warned that going ahead with the new tariffs was tantamount to launching an “economic nuclear war.” Ackman said, “Business investment will grind to a halt, and consumers will close their wallets” if the new levies come into force. Other billionaires, such as Jamie Dimon, Stanley Druckenmiller, Ken Fisher, and Elon Musk, have also openly criticized Trump’s tariff agenda. They argue that the tariffs threaten to raise prices, drive the global economy into a downturn, and weaken America’s standing in the world.
President Trump has maintained that his tariff agenda is designed to redress years of lopsided trade between America and its partners. However, investors are clearly not convinced by the wisdom of Trump’s plan, and stock markets in Asia and Europe have shown signs of significant distress. As the impact of the tariffs continues to be closely monitored worldwide, the frustration on Wall Street is palpable.
All eyes are on the administration to see if a change in policy might bring relief to the volatile stock market and the concerned business community.
