The article highlights growing concerns among billionaires, including some who previously supported President Trump, regarding his recently implemented tariff policies. These tariffs have caused significant declines in global stock markets, leading to substantial losses for wealthy investors.
Prominent figures like hedge fund managers Dan Loeb and Bill Ackman have openly criticized the tariffs, with Ackman advocating for a temporary pause. JPMorgan CEO Jamie Dimon also expressed concern, warning about the potential negative economic impacts and the isolation of the United States.
The article suggests a significant shift in market sentiment, with investors increasingly focusing on Washington's actions rather than company fundamentals. The uncertainty and market volatility caused by the tariffs have made trading particularly challenging. There's also a sense of a growing pessimism and some are starting to bet on China over the US.
The article emphasizes the changing relationship between President Trump and the wealthy elite. While previously enjoying support from Wall Street and Silicon Valley, Trump's recent policies seem to have eroded some of that support. The article suggests that the current situation differs from past instances of conflict, as the economic consequences of the tariffs are broadly felt and impacting even the wealthiest of investors.