Republican megadonor and Home Depot co-founder Ken Langone blasted President Donald Trump‘s new tariffs as “bulls***” and overly aggressive, joining a growing chorus of billionaire allies warning the policy could wreck markets and spark a recession.
Trump reintroduced sweeping tariffs, implementing a flat 10% universal duty on imports, along with targeted tariffs as high as 46% for countries like Vietnam and 34% for China, as reported by the Financial Times.
The move mirrors trade tactics used during his first term and reflects advice from longtime trade hawk Peter Navarro. Trump says the tariffs will protect American industry, but critics argue they’re haphazard, inflationary and damaging to global trade.
Many prominent business figures, including some of Trump’s own allies, are now pushing back. In a blunt interview with the Financial Times, Langone expressed outrage over the scale and implementation of the tariffs, calling the 46% duty on Vietnam “bulls***” and the China levy “too aggressive, too soon.”
“I don’t understand the goddamn formula,” Langone told the outlet. “I believe he’s been poorly advised by his advisers about this trade situation — and the formula they’re applying.”
Other heavyweights in finance and business — including Stanley Druckenmiller, Bill Ackman, Elon Musk and JPMorgan CEO Jamie Dimon — have also voiced concern. The tariffs have already sent global markets reeling, with the S&P 500 dropping nearly 10% in the last week. Dimon warned the inflationary impact could tip the U.S. into recession if not addressed quickly.
Langone and others are urging Trump to shift toward more measured, bilateral trade talks instead of blanket economic aggression. Even Wilbur Ross, Trump’s former commerce secretary, admitted the formula used to calculate the tariffs is “unconventional” and the fallout “more severe” than expected.
Markets remain jittery amid investor uncertainty and fears of a full-blown trade war. Business leaders are hoping pressure from donors and Wall Street will push Trump to reconsider or recalibrate the tariffs.
Originally published on Latin Times
