Ken Langone criticizes Trump's tariffs as aggressive blunder

In recent statements, longtime Republican donor Ken Langone has openly criticized President Donald Trump's aggressive tariff policies that have been a focal point of his administration's trade strategy. Langone specifically addressed the 46 percent tariff imposed on Vietnam and the 34 percent tariff on China, deeming them excessive and miscalculated. He expressed confusion regarding the methodology used by the Trump administration to derive these tariff rates and suggested that they were poorly advised in their approach to trade negotiations. In addition to Langone's criticisms, billionaire Ken Griffin also joined the fray, labeling the tariffs as a significant mistake, particularly for American families. Griffin highlighted how the increased costs resulting from these tariffs would create financial burdens on average households, making everyday items substantially more expensive. The widespread criticism of these tariffs spans across various sectors, with financial experts and economists echoing concerns regarding their negative impact on both the economy and labor markets. Stock markets have reacted negatively to the announcement of these tariffs, witnessing sharp declines in recent trading sessions. The market's response has raised alarm among investors, with significant sums being lost in market value. Experts have warned that the tariffs could lead to a protracted trade war, impacting long-term economic stability and growth. Investors such as Stanley Druckenmiller and Bill Ackman have voiced their apprehensions, suggesting that these measures could have long-lasting detrimental effects on market confidence. Langone proposed a more balanced approach to trade tariffs, suggesting a universal rate on imports coupled with bilateral discussions with specific countries. He critiqued the idea of imposing punitive tariffs right out of the gate, indicating that this might impede serious negotiations and that the administration had perhaps overstepped in its timing and aggressiveness. Additionally, he noted that the economic environment was already tense and that further escalations from tariff wars might lead to a downturn, which policymakers should aim to avoid.