Several high-profile business leaders have openly criticized President Trump's plan to impose substantial tariffs on numerous countries. Billionaire investor Bill Ackman, who previously endorsed Trump, warned that the tariffs would trigger an "economic nuclear war," leading to decreased investment and consumer spending. Similarly, Jamie Dimon of JPMorgan Chase cautioned against inflation and the potential for recession.
The concerns extend beyond individual opinions. The tariffs have already caused stock markets in Asia and Europe to plunge, with predictions of further negative impacts on US markets. Experts, like Simon MacAdam of Capital Economics, highlight the uncertainty surrounding the tariffs as a major factor discouraging investment.
President Trump defends his tariff policy as a necessary measure to correct trade imbalances with other nations. However, his critics argue that the tariffs are excessively high and disproportionate, counterproductive, and ultimately risk significant damage to the global economy. Even Elon Musk expressed his hope for a zero-tariff situation between Europe and the US.