Key Takeaways:
- GOP criticism of Trump’s tariffs intensifies, with Elon Musk and Bill Ackman among high-profile dissenters.
- White House economic advisers face scrutiny over mixed messaging and market fallout.
- JPMorgan’s Jamie Dimon warns of slower growth, citing tariff risks in shareholder letter.
- Trump claims 50+ countries are engaging in trade talks, but provides little clarity on outcomes.
Cracks Appear in GOP Support as Musk, Ackman Slam Trump’s Tariff Strategy
President Donald Trump’s sweeping tariff agenda is encountering mounting criticism—not from his political rivals, but from within his own camp. Prominent Republican allies and high-profile business leaders like Tesla CEO Elon Musk and billionaire investor Bill Ackman are now publicly voicing alarm over the economic implications of the policy.
The White House’s recent rollout of steep import duties has triggered market turbulence, with major indices suffering significant losses. Wall Street strategists have begun walking back optimistic projections as fears of a trade-induced slowdown spread.
While Trump himself has remained defiant—repeating his focus on narrowing trade deficits—his top economic advisers are bearing the brunt of the backlash. Notably, White House senior counselor Peter Navarro, a long-time proponent of protectionism, drew sharp criticism over his economic justifications for the tariffs.
Tesla CEO Elon Musk, who previously avoided the tariff debate, took to social media in recent days to criticize Navarro’s stance, suggesting that “a PhD in Econ from Harvard is a bad thing” and accusing him in a now-deleted post of never having “built anything.” Navarro responded via television interview, dismissing the friction and suggesting Musk was “simply protecting his own interests.”
Musk’s latest comments reflect a shift in tone. Once an economic adviser to Trump, Musk has recently voiced strong support for global trade and warned that Tesla—despite its U.S.-based production—could suffer if the tariff war escalates.
Another unexpected critic is Pershing Square Capital CEO Bill Ackman. Long considered an ally to Trump, Ackman recently expressed concerns over the administration’s trade posture. In a series of social media posts, Ackman initially accused Commerce Secretary Howard Lutnick of being “indifferent” to the economic damage, only to later amend his statement and call it “unfair.”
Meanwhile, JPMorgan Chase CEO Jamie Dimon added weight to market concerns in his annual letter to shareholders, declaring “We’re not in Kansas anymore,” in a pointed reference to the economic uncertainty driven by the administration’s trade policy.
Despite the growing backlash, Trump insisted on Sunday that over 50 nations had reached out to begin trade talks—though the administration has yet to clarify how many of these discussions are active, let alone productive.
Criticism of Trump’s tariff policy from within the GOP remains measured, but the visible unease among business leaders and investors suggests that support is eroding. The continued market volatility, paired with the absence of clear negotiation outcomes, could heighten political and economic risks for the administration heading into a key election cycle.
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