Billionaires who funded Donald Trump’s rise in the past are now spearheading a full-fledged revolt against him. With the President’s new 2025 tariff policy imposing up to 54% tariff on Chinese imports—and hitting crucial allies such as India, Brazil, and Vietnam—America’s ultra-rich elite is fuming. It’s not about profits. Elon Musk, Jamie Dimon, Bill Ackman, and other high-powered contributors who helped finance Trump’s 2024 resurgence are vocally criticizing his trade war 2.0. As markets stagger, businesses pull back, and inflation concerns spike, a more profound issue is unfolding that is a civil war among the Republican elite.
GOP Billionaires Rebel Against Trump’s Tariff
What distinguishes this moment from the past trade fights is who’s doing the sickening. America’s richest and most powerful Republican donors are speaking out against Trump’s trade philosophy. This mutiny reveals fault lines in what was thought to be a one-dimensional pro-Trump base. Across Silicon Valley to Wall Street, moguls aren’t merely concerned with profit margins—they’re disputing Trump’s understanding of economic reality.
These are not disgruntled capitalists alone. They are the masters of GOP fundraising, power, and ideology. Their uprising may break Republican cohesion just when Trump sets himself up for a contentious third term. This is not about tariff alone. This is a struggle for the destiny of the Republican Party.
Elon Musk: Trump’s “First Buddy” Breaks Rank
Tesla CEO Elon Musk, Trump’s closest business partner and campaign contributor, has gone against him. Musk publicly advocated a “zero-tariff” world and posted a video of Milton Friedman highlighting the benefits of free trade. He even derided Trump adviser Peter Navarro as having “ain’t built shit.” Navarro pushed back on Fox News, suggesting that Musk was playing in self-interest because Tesla is built on an international supply chain.
— Elon Musk (@elonmusk) April 7, 2025
Elon Musk has implored Trump to roll back the tariffs. However, his appeals have not been answered. Since Trump’s “Liberation Day” tariff launch, Tesla stock fell about 5%. Musk’s personal wealth fell by $31 billion in a matter of weeks. Altogether, he has lost an estimated $130 billion since 2025 alone.
Jamie Dimon: The Banker with a Warning
Even JPMorgan CEO Jamie Dimon defected. In his shareholder letter each year, he warned that Trump’s tariffs have the potential to weaken growth, cause inflation to spike, and cause a recession. He said, “The recent tariffs will likely increase inflation and are causing many to consider a greater probability of a recession.”
Jamie Dimon didn’t stop there. He excoriated Trump’s isolationist vision: “America First is fine, as long as it doesn’t end up being America alone.” He also hinted at closer trade relations with India and Brazil to balance out China. His quote underscores how Trump’s policies can weaken U.S. alliances and economic strength.
Bill Ackman: “This Is Economic Nuclear War”
Billionaire hedge fund manager Bill Ackman, another Trump supporter in 2024, employed his X account to deliver a scathing attack. “We are in the process of destroying confidence in our country as a trading partner,” he posted. Ackman called on Trump to suspend tariffs for 90 days and bargain instead. If not, he threatened an investment freeze and worldwide reputational harm.
The country is 100% behind the president on fixing a global system of tariffs that has disadvantaged the country. But, business is a confidence game and confidence depends on trust.
President @realDonaldTrump has elevated the tariff issue to the most important geopolitical…
— Bill Ackman (@BillAckman) April 6, 2025
His post, having received close to 14 million views, caught the widespread anxiety among the financial elite. Ackman was clear: this is not policy, it’s anarchy.
Langone, Druckenmiller, Loeb, and Fisher Join the Chorus
Home Depot co-founder Ken Langone called the 46% tariff on Vietnam “bullshit” and stated Trump’s staff “poorly advised.” Stanley Druckenmiller, a vocal member of conservative financial thinkers, doubled down: tariffs above 10% are a red line.
Hedge fund manager Daniel Loeb, Third Point LLC founder, didn’t mince words either. He called Trump’s trade policy “ignorant,” saying it shows a fundamental lack of understanding of global economic interdependence.
Thoughtful piece on potential conceptual as well as practical errors that went into the announced tariff policy. It will be a test of the administration’s judgment versus ideology how they resolve this over the weekend or coming days. https://t.co/wbETn1e1Zm
— Daniel S. Loeb (@DanielSLoeb1) April 5, 2025
Investor Ken Fisher, an expert in long-term market analysis, labeled the tariffs as “ideologically driven” and was critical of Trump’s economics. He minced no words in his criticism: “Trump is beyond the pale by a long shot.”
What Trump unveiled Wednesday is stupid, wrong, arrogantly extreme, ignorant trade-wise and addressing a non-problem with misguided tools. Yet, as near as I can tell it will fade and fail and the fear is bigger than the problem, which from here is bullish.
— Ken Fisher (@KennethLFisher) April 7, 2025
Why Is Trump Doing Tariff War?
Trump says he’s correcting “decades of bad deals” which created huge trade deficits. Trump says, tariffs will make foreign nations build in America, create jobs, and recover sovereignty. His populist supporters—in Rust Belt states particularly—long applauded this policy. Experts disagree, saying that deficits are not necessarily evil and that the tariffs harm consumers more than they benefit domestic manufacturers.
In addition, the action is also political theatre. Trump desires to demonstrate toughness versus China and regain his 2016 “economic nationalism” persona. As the 2028 election cycle approaches, the tariffs resonate with a portion of his base—but at a huge expense.
Will This Tariff War Affect His Third-Term Ambitions?
This move can affect President Donald Trump Third term ambitions in several respects. First, the donor backlash can have an impact on campaign funding. Some of these billionaires contributed substantially to Trump’s 2024 resurgence. Riling them undermines his war chest.
Second, the economic fallout—inflation, market volatility, and investor exodus—can undermine independents’ and swing voters’ support. Even in Trump-friendly states, lost jobs and increased living expenses can turn district by district.
Third, a split-up GOP threatens. If the powerful voices get behind more moderate Republican opposition or third-party candidates, Trump’s base might no longer be sufficient to win.
Economic, Political, and Social Consequences
Economically, the tariffs risk raising inflation, derailing global supply chains, and curtailing foreign investment in the US. Apple has already started diverting iPhone shipments from India to sidestep Chinese tariffs. Five airplanes carrying iPhones left India for the US shortly before the April 5 increase. If global corporations begin to abandon the US as a trade base, long-term economic harm is unavoidable.
Politically, the backlash can break the GOP. The donor class and populist base are now on opposite sides. The party has to decide between business pragmatism and nationalist populism. That can undermine party unity in 2028 and beyond.
Socially, the policies will most affect American consumers. Imported goods will become more expensive. Working-class families will feel the sting as the cost of living increases. If a recession ensues, Trump’s working-class base may start to wonder about the wisdom of “America First” if it leaves them at the back of the line.
