"On the Verge of Becoming Democrats Due to Tariff Bombs"... US CEOs' Anger Explodes
Summary
- It was reported that President Trump's tariff policy has led to public opposition from US corporate CEOs, causing a stock market plunge.
- Billionaires like Ken Griffin pointed out that tariffs increase the economic burden on middle-class families, calling it clearly wrong.
- Several CEOs emphasized that such tariff policies are not a short-term issue and warned of the risk of economic recession in the US.
US Stock Market Plummets for Three Consecutive Days Due to Trump's Tariff Bomb
US CEOs Pour Out Criticism
As President Donald Trump continues to impose high tariffs, US corporate CEOs, who had been cautious, are beginning to publicly oppose.
The Wall Street Journal (WSJ) reported on the 8th (local time) that as Trump's tariff policy leads to market instability, CEOs are starting to speak out.
US corporate CEOs have shown a favorable attitude towards Trump, who has taken market-friendly actions such as easing cryptocurrency regulations. Even if there were complaints, they were only indirectly conveyed through trade associations or lobbyists.
However, with the US stock market plummeting for three consecutive days due to Trump's successive tariff bombs, the previously silent CEOs can no longer remain quiet.
After a warning message from Jamie Dimon, chairman of JP Morgan and known as the 'Emperor of Wall Street', several corporate leaders have expressed concerns.
Billionaire and founder of hedge fund Citadel, Ken Griffin, recently pointed out at a University of Miami event that tariffs are a "huge policy mistake."
As a major donor to the Republican Party, he stated that due to tariffs, "middle-class and working families have to pay 20-40% more for essentials like groceries, toasters, and vacuum cleaners," calling it "clearly wrong."
He further emphasized, "It will take 20 years for the dream of bringing jobs back to America to become a reality," and "this is not a problem that will be solved in the short term."
Bahram Akradi, CEO of the luxury fitness chain 'Life Time Group Holdings', also warned, "Tariffs are never a beautiful word," and "if the current stalemate continues, the global economy could fall into a recession."
Ray Dalio, founder of Bridgewater Associates, also added, "While I agree that the US is not producing enough goods, there are significant concerns about the effectiveness of tariffs."
Among the CEOs who voiced their opinions this time were Trump supporters.
Ryan Cohen, CEO of video game retailer GameStop, wrote on X (formerly Twitter), "I'm on the verge of becoming a Democrat because of tariffs." He is known as an ardent supporter of Trump.
Even Elon Musk, CEO of Tesla and considered a key ally of Trump, opposes the imposition of tariffs.
Nevertheless, Trump continues his independent course by imposing an additional 50% tariff on China, WSJ reported.
Reporter Yoo Ji-hee, Hankyung.com keephee@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
