President Donald Trump’s tariffs seems to be the only thing anyone can talk about these days.
On April 2, Trump announced a sweeping tariff plan that effectively imposes a 10% universal tariff on all countries, with some set to face higher reciprocal tariffs (which now have been temporarily paused). Since then, the economic roller coaster spurred by the new policy has caused serious stock market volatility.
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Now one billionaire is speaking out. Read on for more details about what this billionaire thinks about Trump’s tariffs and their impact on the economy.
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Griffin Says Trump’s Tariffs Are Bad for America
Ken Griffin is the founder and CEO of Citadel, a hedge fund firm that manages a whopping $63 billion in assets, per Forbes. As of May 6, 2025, he has a net worth of $42.9 billion. Griffin surely knows more than a thing or two about how to be successful in business, and he says that Trump’s trade war is already hurting the U.S.
Griffin is a strong supporter of Trump, and he’s even a donor to other Republican candidates, CNN reported. However, his views have changed, at least when it comes to Trump’s tariff policy.
“The United States was more than just a nation. It’s a brand. It’s a universal brand, whether it’s our culture, our financial strength, our military strength … America rose beyond just being a country,” Griffin said at the Semafor World Economy Summit. “It was like an aspiration for most of the world. And we’re eroding that brand right now.”
Per CNN, Griffin said that many traders are now fearful of keeping their money in U.S.-based investments, including in U.S. Treasury bonds, which historically have been regarded as a safe-haven asset. According to Griffin, Trump’s tariff policy is eroding the outside world’s faith in the U.S. financial system and tarnishing the image of the U.S. as an economic powerhouse.
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Is Griffin Right?
Griffin isn’t the only person who has expressed concerns over Trump’s tariff policy lately. According to CNN, J.P. Morgan CEO Jamie Dimon said that Trump’s tariff policy and foreign policy could harm the position the U.S. holds in the global economy.
However, as Business Insider reported, Stephen Miran, chair of the White House Council of Economic Advisers, said that Griffin’s take was short-sighted, explaining that a strong economy will be the result of Trump’s trade deals, regulation cuts and tax relief.
Ultimately, time will tell whether any damage will be inflicted upon the global economy and the financial authority of the U.S. moving forward.
Editor’s note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
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Sources
Forbes, “Ken Griffin.”
CNN, “One of Trump’s billionaire supporters has harsh words for the president about his trade war.”
Business Insider, “Ken Griffin says Trump is ‘eroding the American brand.’”
This article originally appeared on GOBankingRates.com: Billionaire CEO Said Trump’s Trade War Is Hurting America — Is He Right?
