Citadel founder and CEO Ken Griffin will speak at the New York Times annual dealbook summit held in New York City on December 4th, 2024.
Michael M. Santiago | Getty Images
Citadel CEO Ken Griffin has sent a harsh warning about the negative impacts of President Donald Trump’s combat approach to US trade policy.
“The damage has already been done in my advantage, my advantage,” Griffin said at the UBS Financial Services Conference in Key Biscayne, Florida on Tuesday. “It’s a big mistake to rely on this form of rhetoric when we’re trying to drive bargains… It’s tears in the minds of our CEOs, who can’t rely on America as our trading partners. Because.”
Comments from the founder of the billionaire hedge fund came after Trump signed an order Monday evening to impose a 25% tariff on steel and aluminum imports. The president has already enacted a 10% obligation on all Chinese imports, temporarily suspending 25% tariffs on goods from Mexico and Canada.
Griffin, who voted for Trump and was a mega-donor of Republican politicians, believes the hostile dynamics caused by punitive tariffs could challenge long-term investments for multinational companies and investors .
“It will be particularly difficult to think of how multinationals plan the next five, ten, fifteen, and two decades. In terms of terms and trade, the conditions for engagement as one of the major Western countries.” He said.
Griffin previously warned that Croney capitalism could be the result of tariffs. Crony Capitalism is an economic system characterized by intimate, mutually beneficial relationships between business leaders and government officials.
The White House did not immediately respond to a request for comment.
