Billionaire Backers Turn Critics of Trump’s Tariff Plan

The billionaires and business heavyweights who once fervently backed Donald Trump’s rise to the presidency are now openly criticizing his latest tariff plan, warning it could trigger economic turmoil both in the United States and globally.

As Trump’s controversial tariffs come into effect on Wednesday, some of his closest allies from the business community are sounding alarms, branding the measures as reckless and damaging. According to the Daily Mail, they fear the aggressive trade policy could ignite what they call an "economic nuclear war," destabilizing markets and driving the global economy into a downturn.

Ken Fisher, founder of Fisher Investments and a longtime Trump supporter since the 2016 campaign, broke his usual silence on presidential matters to condemn the tariff proposal in stark terms. In a post on X (formerly Twitter), Fisher described the policy as "stupid, wrong, arrogantly extreme, ignorant trade-wise and addressing a non-problem with misguided tools."

Although Fisher believes the tariff fears may eventually subside and fail to leave lasting damage, he cautioned that the panic in the markets is already evident, with investors deeply unsettled by the escalating trade tensions.

Jamie Dimon, CEO of JPMorgan Chase, echoed similar concerns. Speaking with analysts, Dimon warned that the tariffs are likely to "increase inflation" and "slow down growth," admitting he remains "very cautious" given the heightened risk of recession.

Even Tesla and SpaceX chief Elon Musk, often seen as an informal adviser and ally to Trump, reportedly made direct but unsuccessful pleas over the weekend for the president to reconsider the tariffs. According to The Washington Post, Musk had advocated for a "zero-tariff situation" between the U.S. and Europe, warning of the harmful impacts on international trade.

This rising chorus of criticism comes amid a sharp downturn in global markets. The so-called "Magnificent Seven" tech stocks suffered heavy losses, wiping out around $2 trillion from their combined value, intensifying investor anxiety.

Billionaire hedge fund manager Bill Ackman, another Trump supporter, went so far as to predict an "economic nuclear winter" if the tariffs continue unchecked. He urged Trump to pause the tariff rollout, use the time to renegotiate fairer trade deals, and avoid further damage to America's business climate and reputation.

Echoing this sentiment, hedge fund founder Boaz Weinstein warned of an economic "avalanche" already set in motion by Trump's trade war strategy.

Trump, however, remains defiant. Declaring the day of tariff implementation as "Liberation Day," he argued that the move frees the U.S. from what he calls unfair international trade rules. Yet critics argue that the president's aggressive approach risks alienating global partners and hurting American businesses reliant on international supply chains.

As tensions escalate, markets will be watching closely to see whether Trump softens his stance in response to mounting pressure — not only from political opponents but now from some of his most influential and wealthiest supporters.