Today's News: Billionaire Business Leaders Turn Against Trump’s Tariffs
JPMorgan Chase CEO Jamie Dimon, BlackRock CEO Larry Fink, and investors like Bill Ackman and Stanley Druckenmiller have publicly warned that the tariffs risk triggering recession.
Photo: Al Drago / Bloomberg via Getty Images
Overview
Date: April 7, 2025
Topic: Billionaire Business Leaders and Wall Street Turn Against Trump’s Tariffs
Summary: President Donald Trump’s sweeping new tariffs have sparked growing opposition among prominent Wall Street executives and billionaire business leaders, many of whom had supported or remained silent about his policies until now. JPMorgan Chase CEO Jamie Dimon, BlackRock CEO Larry Fink, and investors like Bill Ackman and Stanley Druckenmiller have publicly warned that the tariffs risk triggering recession, intensifying inflation, and damaging America’s global credibility. The market turmoil following the tariff rollout has already wiped out trillions in market value and left many CEOs rethinking investment plans. Several business leaders are calling for a pause in the tariffs, while others are openly criticizing Trump’s advisers and questioning the administration’s motives and competence.
Sources
The New York Times – Jamie Dimon Warns Tariffs Could Increase Inflation and Weigh on Growth
NBC News – 'A critical crossroads': Business leaders speak out against Trump's trade war with the world
Fox Business – BlackRock's Fink says CEOs tell him they think US economy is in a recession
The Washington Post – Trump’s billionaire backers begin to balk at his tariffs
Wall Street Journal – Wall Street Starts to Speak Out Against Trump’s Tariffs
Key Points
Multiple high-profile business leaders now publicly oppose Trump’s tariffs, citing rising inflation, investment paralysis, and the growing risk of recession.
Jamie Dimon, once supportive, warned the tariffs could damage long-term U.S. alliances and slow growth.
Bill Ackman and Stanley Druckenmiller condemned the policy as extreme and economically dangerous, with Ackman calling for a 90-day pause.
Larry Fink said many CEOs already believe the U.S. is in recession and warned that inflation will remain elevated due to tariffs.
Elon Musk broke with the administration, calling for a zero-tariff zone and promoting free-market views.
CEOs surveyed by CNBC expressed deep pessimism: 69% expected a recession, and 37% planned to cut jobs.
Unique Highlights
Fox Business uniquely reported Larry Fink’s forecast of an additional 20% stock market decline and emphasized BlackRock’s port acquisition deal facing geopolitical scrutiny.
NBC News included a CNBC CEO flash survey and noted sharp reversals from previous pro-tariff voices, including Dimon and Musk.
The Washington Post highlighted the internal backlash among Trump’s billionaire allies, quoting Musk’s insult of Peter Navarro and detailing growing silence from once-loyal figures like David Sacks and Vivek Ramaswamy.
The Wall Street Journal added details about closed-door frustrations from bank CEOs during recent Washington meetings and the possible Congressional move to regain tariff authority.
Contrasting Details
The New York Times focused on Jamie Dimon’s cautious tone and broader global implications but avoided direct personal criticisms of Trump’s advisers, unlike The Washington Post, which emphasized harsh attacks from Musk and Ackman on Navarro and Lutnick.
CNN framed opposition as a broader billionaire revolt, while Fox Business retained a more neutral tone, presenting the downturn as both a challenge and a long-term buying opportunity.
The Wall Street Journal noted signs that some in the administration were at least listening to Wall Street concerns, while NBC News emphasized the business community’s collective disillusionment and lack of government responsiveness.
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