Ken Griffin, founder and CEO of Citadel, has raised serious concerns about former President Donald Trump's tariff plan, suggesting it could steer the US economy toward 'crony capitalism.' In a recent interview at the Economic Club of New York on November 21, 2024, Griffin articulated that Trump's approach would likely result in significant inflationary pressures, undermining the long-term competitiveness of American businesses. He described the potential consequences of such tariffs as a 'long, slippery slope' that could harm the economy. [7bdd8e16]
Griffin's critique extends beyond tariffs; he also expressed disapproval of Trump's immigration policies, advocating for a more balanced and humane approach. He emphasized the need for immigration policies that support economic growth while being socially responsible. Although he has historically contributed over $20 million to Republican fundraising efforts, Griffin has not endorsed Trump for the upcoming election, instead supporting Marc Rowan for the position of Treasury Secretary. [7bdd8e16]
Previously, Griffin had labeled Trump's tariffs as 'regretful' and warned about the risks of unchecked government spending and geopolitical tensions, particularly regarding Taiwan and China. He pointed out that while the US economy has shown resilience, excessive government spending could lead to a financial 'hangover.' [5db38818][65a889ba]
In contrast, Ted Weisberg of Seaport Securities has maintained a positive outlook on the US economy, noting that Corporate America is performing well despite challenges posed by government policies and international relations. Griffin's comments reflect a broader concern about the intersection of economic policy, political leadership, and market dynamics as the US approaches the 2024 election. [9b65d7a9][df9981f4]