Posted: Tuesday, April 8, 2025. 10:24 am CST.
By Zoila Palma: Billionaire Ken Langone, co-founder of Home Depot, has sharply criticized U.S. President Donald Trump’s recent tariffs, arguing they are excessively high and implemented too quickly.
Speaking to the Financial Times, Langone labeled the 46 percent tariff on Vietnam as “bullshit” and described the 34 percent tariff on China as “too aggressive, too soon,” hindering negotiation efforts.
Langone is part of a growing group of wealthy financiers expressing alarm over Trump’s tariffs, which are triggering a significant market downturn, with the S&P 500 dropping nearly 10 percent in the past week. Fellow billionaire investors, including Stanley Druckenmiller and Bill Ackman, have also denounced the tariffs as a misstep.
Elon Musk and JPMorgan CEO Jamie Dimon have added their voices to the criticism, with Dimon warning the tariffs could lead to increased inflation and a heightened risk of recession. Former Commerce Secretary Wilbur Ross acknowledged unexpected negative impacts from the tariffs, suggesting that uncertainty surrounding them is particularly distressing for businesses.
Langone advocates for a more measured approach, proposing a universal 10 percent tariff paired with bilateral negotiations. He expressed hope that future discussions could resolve the current fears of a trade war.
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The post International News: Billionaires criticize Trump’s tariffs amid market downturn appeared first on Belize News and Opinion on www.breakingbelizenews.com.
Posted: Tuesday, April 8, 2025. 10:24 am CST. By Zoila Palma: Billionaire Ken Langone, co-founder of Home Depot, has sharply criticized U.S. President Donald Trump’s recent
The post International News: Billionaires criticize Trump’s tariffs amid market downturn appeared first on Belize News and Opinion on www.breakingbelizenews.com.
