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Ken Langone, the co-founder of Home Depot and a long-time supporter of the Republican Party, has criticized Donald Trump’s extensive tariffs for being excessively high and implemented too hastily.
Langone expressed to the Financial Times that the president was “poorly advised,” labeling the 46 percent tariff on Vietnam as “absurd” and deeming the extra 34 percent tariff on China as “overly aggressive” and dismissive of the need for “serious negotiations to have a chance to succeed.”
“A 46 percent tariff on Vietnam? Really!” Langone exclaimed. “It’s basically telling them, ‘Don’t even bother to reach out.’”
Langone is part of an increasing group of billionaire investors openly condemning the president’s choice to raise tariffs on imports to levels not experienced since the 1930s, as they grow increasingly concerned about the ensuing market turmoil.
The tariffs — a standard 10 percent applied to all countries alongside specific levies determined by the extent of “tariffs” and trade restrictions other nations place on the US, including various non-monetary measures and VAT taxes — have caused global markets to plunge. Over the last week, the S&P 500 index has dropped nearly 10 percent.
Billionaire investor Stanley Druckenmiller, a mentor to Treasury Secretary Scott Bessent, also chimed in on social media, stating on X on Sunday: “I don’t endorse tariffs over 10%.”
Moreover, billionaire donor Bill Ackman, who supports Trump in the 2024 presidential election, referred to the tariffs as “a significant policy blunder.”
Jim Rogers, who co-founded the Quantum Fund with George Soros, wrote in a message to the FT that while “tariffs may have sometimes benefited a select few temporarily,” they “are seldom advantageous for the population at large.”
Elon Musk, owner of Tesla and Starlink, and a prominent Trump supporter, also criticized the tariffs. On Saturday, Musk advocated for “a zero-tariff scenario” between the US and Europe and remarked that Peter Navarro, Trump’s senior trade adviser, “ain’t built anything.”
In his annual letter to shareholders released on Monday, JPMorgan Chase CEO Jamie Dimon also voiced disapproval of the tariffs, cautioning that they “are likely to fuel inflation and are leading many to contemplate a higher likelihood of a recession.”
“The sooner this issue is resolved, the better, as the negative effects may accumulate over time and become challenging to reverse,” he noted.
Wilbur Ross, who served as Trump’s commerce secretary during his initial term, has also spoken out, indicating that the tariffs have had unforeseen consequences.
“The situation is more serious than I had anticipated,” Ross shared with the FT. “Particularly the way it’s affecting Vietnam, China, and Cambodia is more extreme than I would have envisioned.”
Ross mentioned that businesses and investment firms can handle both good and bad news, but cautioned: “Dealing with uncertainty is challenging. The fear of the unknown is the most detrimental aspect, and we are now in a period of significant unpredictability.”
Langone suggested that a “more manageable and undoubtedly more constructive” strategy would have involved applying a flat 10 percent tariff on imports, followed by bilateral negotiations with nations.
“I can’t comprehend the damn formula,” Langone stated. “I think he’s been poorly advised by those around him regarding this trade situation — and the method they are using.”
While Ross refrained from overt criticisms of Trump, he acknowledged that there are flaws in the way tariffs have been computed. “I certainly have questions about the logic behind the formula for calculating the tariffs. It’s an unusual means of determining tariffs.”
He added: “I hope that the countries most negatively affected will step forward and swiftly negotiate an agreement.”
Langone noted that while he aligns with several actions taken by the Trump administration, “I have a different perspective on timing, approach, and the extent of these measures. I wouldn’t attempt to tackle everything simultaneously.”
He anticipates that Trump will “eventually” pursue a series of bilateral discussions.
“I think it will succeed,” Langone remarked. “Currently, the fear is a potential tariff war.”
