Editorial Note: Opinions and thoughts are the author’s own and not those of AFROTECH™.

Billionaire business leaders turned against President Donald Trump as he implemented sweeping tariffs with other countries, which have amounted to billions of dollars lost.

Many of the billionaires who have pushed back against the Trump tariffs have also endorsed him for the 2024 presidential election. One of those billionaires, Bill Ackman, warned against tariffs, likening them to an “economic nuclear war” in a post on X (formerly known as Twitter). He also claimed that the tariffs weren’t what he voted for, despite Trump speaking on tariffs early on in the election.

How Will Tariffs Affect The American Consumer?

Unwarranted tariffs will not only decimate our economy but also hurt our already fragile standing on the world stage. In retaliation, China has raised tariffs on American goods to 125%. Most business leaders, economic experts, and other world leaders are confused over Trump’s misguided obsession with tariffs. Tariffs will also raise prices for consumer goods in all sectors, such as fashion, tech, cars, food, and even AI.

Last Wednesday, April 9, Trump announced immense tariffs on various countries. He has claimed that tariffs will boost the American economy. But a day after announcing tariffs, the stock market devolved into economic turmoil. The risk of a stock market blowback or a recession reminiscent of 2008’s economic worries has made CEOs and other billionaires speak out against Trump’s economic policies.

Billionaires Don’t Like Trump’s Economic Policies

Jamie Dimon, CEO of JPMorgan Chase, told shareholders in a letter that tariffs would cause a downturn in the economy: “The recent tariffs will likely increase inflation and are causing many to consider a greater probability of a recession. …Whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth.”

Since the pandemic in 2020, rising inflation has made people feel that we’re on the brink of a recession, but a recession in 2025 may look different than the ‘08 recession that was accompanied by a housing crisis.

Other billionaires against the tariffs included Ken Fisher, who rarely comments on the president’s actions, referred to the tariffs in a post on X as “stupid, wrong, arrogantly extreme, ignorant trade-wise and addressing a non-problem with misguided tools.”

Even Elon Musk — billionaire owner of Tesla and X and Trump’s right-hand man — told Italy’s Deputy Prime Minister Matteo Salvini during a video interview that he hoped for a “free-trade zone” with Europe.

The Trump Administration Doesn’t Understand Economics

Although Trump has placed a 90-day pause on all tariffs for trade negotiations — except for China — there is still a lot of confusion around the chaotic trade war. Trump’s economic team and he himself have been accused of incompetence and lack of knowledge about the economy and how tariffs work.

Unfortunately, the lack of transparency and confusion around Trump’s economic policies isn’t surprising. He has never understood how the economy works and only concerns himself with the various ways he can scam the American people out of their money. Even the DOGE (Department of Government Efficiency) hasn’t actually been saving the government money but has increased government spending, according to MSNBC.

Following the pause on tariffs, Trump also bragged about increasing the net worth of his wealthy friends after the stock market rebounded this week. He is doing little to curb the broiling disaster that tariffs have brought.

Billionaires have been silent about the majority of Trump’s policies, especially when it comes to immigration, but they can influence the president to reverse course on tariffs, however temporarily, to save their own dollars. With their influence, billionaires should coalesce to pause tariffs indefinitely, not only because it affects their bottom line but because it will help the economy. While the wealthy may be able to weather any short-term financial setbacks, no one knows how this will affect us if it remains in effect for four years. Knowing this, the wealthy class should prepare for the worst and use their powers to help people, not hoard wealth.