In New York on February 11, Ken Griffin, the founder and CEO of investment firm Citadel, expressed concerns about President Donald Trump's tariff policies, highlighting the potential risks to economic growth and the need for other countries to seek new trade alliances. Griffin criticized Trump's "bombastic rhetoric" and its impact on multinational companies' long-term planning. He shared his views at a UBS Group conference, emphasizing the obstacles posed by the uncertainty created by tariff dynamics among allies.
Trump recently announced a 25% tariff on steel and aluminum imports, without exceptions, and imposed 10% tariffs on all Chinese goods, while also issuing threats to Canada and Mexico. Griffin, a Republican supporter who voted for Trump, has been critical of some of the President's policies, including tariffs and immigration, citing concerns about their potential effects on the U.S. deficit and domestic competitiveness.
Griffin warned that imposing tariffs on Canada's energy products could prompt the country to diversify its customer base, seeking new trading partners like China. He emphasized that the repercussions of the inflammatory rhetoric utilized in negotiations could diminish trust in the U.S. as a reliable trading partner among CEOs and policymakers.