Even Elon Musk .. America’s billionaires turn against Trump because of the fees

A number of senior business leaders and billionaires in the United States turned against US President Donald Trump, due to his controversial plan by imposing a huge group of customs duties on Washington’s commercial partners, at a time when markets incurred heavy losses in America and the world, according to the American CNN.

Warnings from “economic nuclear war”

The billionaire investor Bill Akman, who supported Trump’s candidacy in the presidential elections in 2024, warned that moving forward in this new customs policy is equivalent to the launch of a “economic nuclear war”, as he described.
Trump believes that imposing high customs duties on countries suffering from major commercial imbalances with the United States will restore balance to the trade balance, noting that America suffered – according to his claim – years of misery and unfair treatment because of its indulgence with its allies and opponents alike.
Also read: “Morgan Stanley”: America is the most affected by Trump customs definitions

Aclus support and warning of confidence

Akman said in a post on the “X” platform, which achieved more than 10.6 million views: “If the new fees enter into force, commercial investment will stop, and consumers will close their governorates,” Akman said in a post on the X platform. He added: “We will greatly harm our global reputation, and it will require years and perhaps contracts to restore it.”
Akman, CEO of Pershing Square Capital Management, said that if Trump does not change his approach, “We are heading towards a nuclear economic winter made by our hands.” He said: “Any CEO or board of directors will be excited to make long -term economic obligations amid a nuclear economic war?” He pointed out that the president has begun to lose the confidence of business leaders around the world.

Global markets are declining with the beginning of the implementation of the fees

Dozens of affected countries are preparing to start the new customs duties starting from Wednesday, and among the most prominent affected China and the European Union, the two largest commercial partners of the United States. It is estimated that the new fees may exceed 100% on Chinese products and 20% on European products.
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Wide concerns and criticisms among major investors

Observers note that the spread of fear and anxiety among investors is the main reason for the coup of many billionaires on Trump, as a number of business leaders expressed their public rejection of his customs agenda, warning of their negative repercussions on the global economy.
Jimmy Damon, CEO of GB Morgan Chase, warned two days ago that these fees threaten high prices, slowdown in the global economy, and weakening the United States’ position on the international scene.
“The last customs duties are likely to increase inflation and increase the possibilities of economic recession,” Damon said in an annual message to shareholders. He added: “Even if it does not lead to recession, it will cause at least a sharp slowdown in growth.”

American billionaires warn against threatening wealth

For his part, billionaire Stanley Drakineller, founder of Dukin Family Office, expressed his refusal to impose fees exceeding 10%, which is the percentage that Trump exceeded in his recent announcement of China. Drakineller’s wealth is estimated at $ 11 billion, according to the Bloomberg Billionaires Index, and it is a wealth vulnerable to being influenced by these policies.
Billionaire Kane Fischer, founder and chairman of the “Fisher Investment Company”, also attacked the Trump plan, describing it as “stupid, wrong, arrogant, and ignorant in the field of trade.” He said: “What Trump revealed last Wednesday is the treatment of a problem that does not exist, using wrong tools.”

Elon Musk joins the opponents

Even Elon Musk, the richest man in the world and one of Trump’s prominent supporters, expressed his rejection of the new customs duties. He said in an interview in a video with Italian Deputy Prime Minister Matteo Salvini, that he hoped that “customs duties between Europe and the United States will not be imposed,” and called for the establishment of a “effective free trade zone” between the two sides.

Companies hesitate to invest due to Trump’s policy

Simon Mac Adam, chief global economist at Capital Economics, said companies may refrain from implementing Trump’s investments due to the uncertainty related to his customs policies. He explained: “If you own a medium or large company, you will hesitate a lot to pump huge investments in the American market if the fees are to be re -negotiated after a few months.”

Collective rejection of Trump’s customs plans

CNN pointed out that investors have lost confidence in the Trump customs plan, especially after the sharp losses incurred by stock markets in America, Asia and Europe, and the value of investments decreased billions of dollars.