Billionaire Ken Griffin, the founder and CEO of Citadel, said on Wednesday that Trump is moving too fast, alienating allies, making Americans poorer, and tarnishing the sterling reputation of U.S. assets at the World Economic Summit in Washington, D.C.
Griffin said Trump’s tariffs have deteriorated the value of the dollar, and using the euro as a reference said the U.S. “has become 20% poorer in four weeks.”
Adding in the attacks on Fed chair Jerome Powell, Trump has jeopardized the nation’s pristine reputation.
Previously, Griffin said, “no brand compared” to U.S. treasuries, the strength of the U.S. dollar, or the nation’s creditworthiness. But Trump’s tactics have “eroded” that reputation.
“It can be a lifetime to repair the damage that has been done.”
Ken Griffin was the fifth largest individual donor to the GOP, handing over $100 million to conservatives in the 2024 election.
Griffin previously downplayed the threat of tariffs. As a GOP donor, Griffin said he was relieved that Trump won and was looking forward to a respite from new regulations from the Biden administration.
The billionaire said he had been relishing “the idea that I have four years to focus on my business.” But thanks to tariff turmoil, the country “has devolved into a nonsensical place” where business leaders are distracted.
Griffin said he does not expect investors to build new U.S. factories.
“I’ll tell you what’s not going to happen is, people are not going to raise [money] to build manufacturing in America,” he said, “because with the policy volatility, you actually undermine the very goal you’re trying to achieve.”