Hedge Fund Titan Criticizes Trump's Tariff Policies as Impediments to Economic Growth
Hedge fund billionaire Ken Griffin has denounced Donald Trump's tariff policies as a "huge mistake" that introduces chaos and impedes economic growth. In a speech at a UBS conference, Griffin emphasized his concern about the "uncertainty and chaos" created by the trade dynamics between the US and its allies.
Trump's Tariff Threats Dominate Early Presidency
Trump's initial days in office have been marked by tariff threats, including a 25% duty on steel and aluminum from all countries, and plans for reciprocal tariffs to address trade imbalances. Griffin expressed his apprehension about these measures, stating that they "raise barriers for competition" and "protect US monopolies."
Praise for Economic Initiatives, Concerns about Tariffs
While Griffin criticized the tariff policies, he acknowledged positive aspects of the Trump administration's initiatives to stimulate the US economy. He praised efforts to reduce regulations and the involvement of Elon Musk's Department of Government Efficiency (DOGE) in streamlining government programs.
Wall Street Uncertainty Amidst Trump Presidency
Griffin's remarks reflect broader uncertainty on Wall Street regarding the Trump administration's policies. Dealmaking has slowed, tax breaks for hedge funds and private equity firms are facing challenges, and big banks are being questioned about their treatment of certain customers. Despite this, bankers express guarded optimism, anticipating a more favorable direction in the future.