Pressure Mounts on Trump to End Tariff War as Allies and Donors Voice Concerns

President Donald Trump’s aggressive tariff policies are facing increasing pushback from some of his closest allies, donors, and advisers, FOX News reports.

As the trade war continues to impact global markets, key figures from the business world—including billionaire Elon Musk, hedge fund investor Bill Ackman, and JPMorgan CEO Jamie Dimon—have urged Trump to reconsider his stance.

Trump’s decision to impose steep tariffs on countries across the globe, including a 46% levy on Vietnam and additional increases on China, has drawn criticism from both conservatives and major GOP donors. Ken Langone, co-founder of Home Depot, dismissed the tariffs as “bull****,” while Ackman warned of “severely negative” consequences for the US economy.

Jamie Dimon added that while the long-term effects remain uncertain, the tariffs are likely to slow economic growth. The impact on Wall Street has already been felt, with the Dow Jones dropping 320 points following Trump’s latest tariff announcements.

One of the most vocal critics has been Tesla and SpaceX CEO Elon Musk. Initially attempting to persuade Trump privately, Musk has now taken a public stance against the tariff policies, advocating for a free-trade zone between Europe and North America.

Musk has also directed sharp criticism at Peter Navarro, a key White House trade adviser and one of the strongest proponents of Trump’s tariff agenda. Musk’s remarks, which included calling Navarro “truly a moron” and mocking his name, reflect the growing frustration among business leaders who see the trade war as damaging to the economy.

The tariff battle has caused turbulence in global financial markets. On Monday, misinformation regarding a possible 90-day tariff pause led to a brief market rally before the claims were debunked. Media outlets, including CNBC and Reuters, later issued corrections after inaccurately attributing the statement to White House economic adviser Kevin Hassett.

Meanwhile, China has responded to Trump’s escalating tariffs with retaliatory measures, including a 34% levy on US goods. The standoff has also affected negotiations over the sale of TikTok to an American company, which China has now halted.

The tariffs have sparked bipartisan concerns in the US, with some lawmakers warning that prolonged trade conflicts could increase consumer prices and trigger a recession. While White House officials have indicated that negotiations with over 70 countries are ongoing, Trump has shown little willingness to reverse course, viewing tariffs as a key pillar of his economic strategy.