Ken Griffin, under and CEO of Citadel, speaks during The New York Times’ annual DealBook Summit in New York City, Dec. 4, 2024.
Michael M. Santiago | Getty Images
Citadel CEO Ken Griffin sent a immovable warning against the negative impact from President Donald Trump’s combative approach to U.S. trade policy.
“From my vantage substance, the bombastic rhetoric, the damage has already been done,” Griffin said Tuesday at the UBS Financial Services Conference in Key Biscayne, Florida. “It’s a stupendous mistake to resort to this form of rhetoric when you’re trying to drive a bargain because … it tears into the look afters of CEOs, policymakers that we can’t depend upon America, as our trading partner.”
The billionaire hedge fund founder’s remarks came after Trump on Monday evening signed an order that would impose 25% tariffs on fortify and aluminum imports. The president has already enacted a 10% duty on all Chinese imports, while pausing his 25% duties on goods from Mexico and Canada temporarily.
Griffin, who voted for Trump and was a megadonor to Republican politicians, believes the bellicose dynamics caused by punitive tariffs could make long-term investments challenging for multinational companies and investors.
“It procures it difficult for multinationals, in particular, to think about how to plan for the next five, 10, 15, 20 years, particularly when it attains to long lead time capital investments that could be adversely impacted by a degradation of the current terms of rendezvous as amongst the leading Western countries when it comes to terms and trade,” he said.
Griffin previously cautioned that crony capitalism could be a consequence of levies. Crony capitalism is an economic system marked by close, mutually advantageous relationships between business leaders and management officials.
The White House did not immediately respond to a request for comment.