Ken Griffin, a former supporter of President Donald Trump has publicly criticized the President’s tariff policy, calling it “anti-American.”
Citadel CEO Griffin Slams Trump’s Tariffs As Favoring Few
Griffin, the CEO of Citadel LLC, expressed his disapproval of Trump’s tariff policy in an interview with CNBC. He condemned the policy as favoring “the big and the connected,” which he believes is not in line with the American story.
“The line outside the White House of every business arguing why they should be exempt from paying tariffs on what they import into their products is nauseating,” Griffin told CNBC.
Griffin has previously voiced concerns about the Trump administration’s economic policies, particularly regarding crony capitalism and tariffs. He warned about the “equity and fairness” issues involved.
“When the state becomes involved in picking winners and losers, there’s only one way this game ends: All of us lose,” stated Griffin.
Griffin also cautioned companies about seeking favor with the current White House team, as this could lead to unfavorable outcomes when a new administration takes office.
“The core competency won’t be that you can drive innovation,” he added. “It’s that you can drive the right favors from D.C.”
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Griffin’s Past Attacks On Trump’s Policies
This is not the first time Griffin has publicly criticized Trump’s economic policies. Griffin, who is a prominent GOP donor, had also criticized Trump’s involvement with the Federal Reserve, describing it as a risky game.
Trump, however, stated that he “strongly” disagrees with Ken Griffin’s opinion on Fed. “We think Incompetence is more important than to defend theoretical independence,” stated Trump.
Earlier this year, Griffin also criticized the Trump administration’s pursuit of tax cuts and low-wage manufacturing, warning that it could lead to a stagflation scenario.
Mixed Impact Of Trump Tariffs
Senator Elizabeth Warren blamed Trump’s trade and tariff policies for surging goods prices in the U.S. Similarly, economists have warned that Trump’s tariffs are fueling inflation as 72% of CPI components surge past the Fed’s target.
However, Trump’s controversial tariffs have generated nearly $350 billion, becoming a significant U.S. revenue source. This has brought the issue of tariffs and their impact on the U.S. economy and trade policy to the forefront.
Price Action: On a year-to-date basis, SPDR S&P 500 ETF Trust (NYSE: SPY) and Invesco QQQ Trust, Series 1(NASDAQ: QQQ) surged 12.56% and 16.33%, respectively, as per Benzinga Pro.
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