Discontent – and even alarm – is spreading in Donald Trump’s camp, as some of his most loyal backers, from Republican lawmakers to Wall Street billionaires, are breaking ranks and publicly calling for a pause on tariffs.
The US president’s decision to impose a sweeping set of tariffs on America’s trading partners has triggered mounting losses in global stock markets and fuelled growing demands for a policy reversal.
Dozens of economies are bracing for the next wave of tariffs, after a baseline 10 per cent tariff on all goods imports into the US came into effect on Saturday.
The countries most affected include key US trading partners China and the European Union, now subject to new duties of 34 per cent and 20 per cent respectively.
Trump meanwhile appears unfazed, insisting on Monday that he won’t back down.
“We’re going to get fair deals and good deals with every country. And if we don’t, we’re going to have nothing to do with them,” Trump said.
Worries about the growing economic tumult echoed across corporate America, as business executives rushed to assess the damage on their portfolios and strategists warned the trade war could inflict long-term political damage on the president.
JPMorgan chief executive Jamie Dimon, widely regarded as one of the most influential leaders on Wall Street, warned on Monday of “inflationary outcomes” on imports and prices, and even alluded to the possibility of a recession.
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“The recent tariffs will likely increase inflation and are causing many to consider a greater probability of a recession,” Dimon said in an annual letter to shareholders.
“Whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth.”
Dimon’s comments mark a sharp turn from remarks he made in January, describing tariffs as a “valuable” economic weapon and suggesting to “get over it.”
Billionaire hedge fund manager Bill Ackman, who endorsed Trump after the president’s assassination attempt in July, compared proceeding with the tariffs plan to launching an “economic nuclear war”.
“This is not what we voted for,” Ackman, CEO of Pershing Square Capital Management, wrote on X on Sunday.
Unless Trump changes his approach, “we are heading for a self-induced, economic nuclear winter, and we should start hunkering down,” he said, adding “the president is losing the confidence of business leaders around the globe”.
David Ricks, CEO of pharmaceutical giant Eli Lilly, warned on Friday that companies would likely need to cut back on research or reduce staff.
Ricks announced in February that Eli Lilly would invest at least $27 billion to expand manufacturing in the US.
Republican Senator Ted Cruz has voiced his concern at the ‘taxes’ hitting American consumers (Photo: Win McNamee/Getty)Even the richest man in the world and top Trump adviser, Elon Musk, didn’t refrain from criticising the president’s tariffs policy.
Speaking at an event Saturday, the Tesla CEO said he hoped to see a “zero-tariff situation” between North America and Europe.
Musk even bashed Peter Navarro, Trump’s senior counsellor on trade, saying in a post: “A PhD in Econ from Harvard is a bad thing, not a good thing. Results in the ego/brains>>1 problem.”
Republicans voicing fears
The president also faces disquiet from within his own party.
Another longtime Trump loyalist, Republican Texas Senator Ted Cruz, warned that the tariffs strategy poses “enormous risks”.
“I love President Trump,” the senator said on his podcast Friday. “I am his strongest supporter in the Senate. I think he’s doing incredible things as president. But here’s one thing to understand: A tariff is a tax, and it is a tax principally on American consumers.”
North Dakota Senator Kevin Cramer, speaking about the mood among Senate Republicans, said: “People are going to panic if this continues, and they’re in a bit of panic now.”
Trump used Truth Social on Monday night to urge Americans: “Don’t be a PANICAN (A new party based on Weak and Stupid people!).”
Nonetheless, 51 Republicans voted on Saturday for a budget framework that would enable them to begin drafting Trump’s “big, beautiful bill” to reduce taxes and boost border funding.
Trump has stated that his tariff agenda aims to correct years of unbalanced trade between the US and its partners, which he believes was caused by other countries imposing higher tariffs on US goods than America imposes on theirs.
Investors, however, remained sceptical of Trump’s plan as global markets braced for another rough day.
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