Key Takeaways
- • Citadel CEO Ken Griffin called Trump's tariff battles with Canada, Europe and other US allies "a disaster," telling Bloomberg's Dani Burger at the Future of Global Markets Conference in New York that the tariffs have been "pro-inflation" and have severed global supply chains.
- • Griffin predicted Republicans will almost certainly lose control of at least one chamber of Congress in the midterms, saying "The House almost is in a really tough spot and the Senate's going to be really close."
- • Griffin said he has been supporting a number of Republican candidates this election cycle, while criticizing the Iran war as "very unpopular" and the administration's handling of immigrants as "disgraceful."
- • The US consumer price index rose 3.7% in September from a year earlier, and inflation has erased nearly all of the average worker's hourly wage gains since Trump returned to office, per the article.
Summary
Citadel CEO Ken Griffin said Donald Trump's tariffs on US allies have been a failure, and he predicted the policy will weigh on Republicans in the midterm elections. Speaking to Bloomberg's Dani Burger on Tuesday at the Future of Global Markets Conference in New York, Griffin said "the tariff battles with Canada, with Europe, with our allies has just been a disaster." He added, "I talked about this when he first started this in his presidency. To be blunt, I hate to say it, but I've been right."
Griffin argued that the tariffs have fueled inflation and disrupted supply chains. "It's been pro-inflation. It has certainly taken supply chains around the world and severed them," he said. Griffin, who said he has been supporting a number of Republican candidates this election cycle, framed the trade disputes as a political liability for the party heading into a difficult midterm contest.
Trade tensions with Canada and the European Union remain unresolved, according to the article. Trump announced additional 50% tariffs on certain Canadian imports on July 20, citing alleged discrimination against American auto, alcohol and dairy exports; those duties took effect in August. The economic backdrop is challenging: US consumer prices rose 3.7% in September from a year earlier, and inflation has erased nearly all of the average worker's hourly wage gains since Trump returned to office. Fuel affordability and a lack of housing supply have emerged as pain points for Republicans.
Griffin predicted Republicans would almost certainly lose control of at least one congressional chamber. He also criticized the administration on other fronts, calling the war in Iran "very unpopular" and saying Trump "has not made that case in a powerful, meaningful way to the American people." On immigration, he said he supports border security but that immigrants already in the country who are gainfully employed should have "a way to stay in our country."
Griffin argued that the tariffs have fueled inflation and disrupted supply chains. "It's been pro-inflation. It has certainly taken supply chains around the world and severed them," he said. Griffin, who said he has been supporting a number of Republican candidates this election cycle, framed the trade disputes as a political liability for the party heading into a difficult midterm contest.
Trade tensions with Canada and the European Union remain unresolved, according to the article. Trump announced additional 50% tariffs on certain Canadian imports on July 20, citing alleged discrimination against American auto, alcohol and dairy exports; those duties took effect in August. The economic backdrop is challenging: US consumer prices rose 3.7% in September from a year earlier, and inflation has erased nearly all of the average worker's hourly wage gains since Trump returned to office. Fuel affordability and a lack of housing supply have emerged as pain points for Republicans.
Griffin predicted Republicans would almost certainly lose control of at least one congressional chamber. He also criticized the administration on other fronts, calling the war in Iran "very unpopular" and saying Trump "has not made that case in a powerful, meaningful way to the American people." On immigration, he said he supports border security but that immigrants already in the country who are gainfully employed should have "a way to stay in our country."
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