Billionaire Hedge Fund Manager Ken Griffin Slams Trump's Tariff Policies as "Huge Mistake"
Ken Griffin, CEO and founder of Citadel Investment Group, has strongly criticized President Trump's tariff policies, labeling them as a "huge mistake" that could hinder economic growth.
"The uncertainty and chaos created by the tariff dynamics between us and our allies is an impediment to growth," Griffin stated at a UBS conference in Miami.
Griffin's comments are noteworthy given his prominence on Wall Street and within Republican circles. He previously expressed concerns about Trump's tariffs at a DealBook conference in December, but his views have become more pessimistic since then.
Trump has imposed tariffs on steel and aluminum, and threatened reciprocal tariffs against other nations. These moves have sparked a trade war with China and raised concerns about potential implications for Canada and Mexico.
Griffin believes the tariffs are counterproductive and protect US monopolies from competition. He argues that such policies are typically implemented by nations in decline.
Other developments during Trump's early presidency have also disappointed Wall Street, including a slowdown in dealmaking, threats to a prized tax break for hedge funds, and increased scrutiny of banks' lending practices.
Despite these setbacks, Goldman Sachs CEO David Solomon remains optimistic, stating that the overall direction of economic policy should be constructive. However, many businesses remain hesitant to make major investments due to uncertainty surrounding the tariff policies.