Business and Financial Leaders Respond to President Trump’s Tariff Policies

Tariffs have arrived, and the stock market has taken notice.

On April 2, President Donald Trump introduced sweeping tariffs on imported goods, affecting numerous global trading partners and raising concerns about economic stability. The policy shift has sent stock markets into turmoil, with the Dow Jones falling over 9% and the S&P 500 down more than 10% since the announcement.

In response, prominent voices in business and finance—many of whom had previously remained silent on policy changes—are now speaking out about the implications of these tariffs. Figures such as hedge fund manager Bill Ackman, JPMorgan Chase CEO Jamie Dimon, and billionaire entrepreneur Mark Cuban have expressed concerns about the potential economic fallout.

Billionaire investor Bill Ackman initially expressed optimism about economic growth following Trump’s election. However, in light of the recent tariffs, his stance has shifted. Ackman has urged for a 90-day pause on the levies, warning on social media that if the policy is not reconsidered, the US could be heading toward a “self-induced economic nuclear winter.” He emphasized that business confidence is critical for economic stability and suggested that the administration’s approach is undermining trust among business leaders.

Howard Marks, co-chairman of Oaktree Capital, voiced his concerns in a Bloomberg interview, noting that the US is moving away from globalization and free trade toward a more protectionist stance. He warned that this shift could lead to increased trade restrictions, which might isolate the United States in the global economy.

Investor Stanley Druckenmiller, a former mentor to current Treasury Secretary Scott Bessent, has also criticized the tariff plans. In a post on X, he stated that he does not support tariffs exceeding 10%, signaling concerns that higher levies could have negative economic consequences.

JPMorgan Chase CEO Jamie Dimon addressed the issue in his annual letter to shareholders, warning that tariffs could lead to inflation by raising the cost of both imported and domestically produced goods. He noted that rising input costs could push consumer prices higher, potentially slowing economic growth. Dimon’s recent remarks contrast with his earlier statements, in which he downplayed concerns over tariffs, arguing they were beneficial for national security.

Entrepreneur and investor Mark Cuban also criticized the tariff policy, cautioning that prolonged trade restrictions, combined with government spending cuts, could lead to an economic downturn more severe than the 2008 financial crisis.

The response from financial markets has been stark. Goldman Sachs Chief Economist Jan Hatzius has increased the likelihood of a US recession to 45%, citing market instability and the risk of retaliatory tariffs from other nations. Global markets, including those in Asia and Europe, have also experienced sharp declines in reaction to the policy shift.

Despite concerns from business leaders, President Trump has remained firm on his stance, arguing that the tariffs are necessary to correct trade imbalances and encourage domestic manufacturing. While some supporters believe the move will strengthen the US economy in the long run, critics warn that continued market turbulence and potential international retaliation could create long-term economic challenges.

With input from Fortune, CNN, BBC, and Politico.