Reference News Network reported on April 8 that according to a report by Agence France-Presse on April 7, between concerns about the U.S. economy and his own election prospects, an increasing number of President Trump's allies are voicing protests against his announcement of large-scale tariffs.

The report stated that Republican Senator Ted Cruz claimed in his podcast, "If we enter a recession, especially a severe one, 2026 will likely be a political massacre." The Texas legislator discussed the long-term impact of tariffs on U.S. growth and the Republicans' chances in the congressional midterm elections in November 2026.

Last week, a few Republican senators had distanced themselves from Trump and joined Democrats in taking a symbolic measure opposing tariffs on Canada.

Republican Senator Rand Paul wrote on X, "Open markets and free trade are the foundation of freedom and peace."

Another Republican senator, Chuck Grassley, proposed a bill last week requiring the U.S. president to obtain congressional approval before imposing any new tariffs. Republican representative Don Bacon announced on June 6 that a similar bill would also be introduced in the House of Representatives.

Billionaire Bill Ackman, who supported Trump's election in November last year, said on X on June 6, "The president is losing the trust of business leaders around the world." He called it "not what we voted for," urging Trump to "pause" the tariffs, warning that otherwise "we will face an economic nuclear winter."

According to a report by the Financial Times website on April 7, Ken Langone, co-founder of The Home Depot and a long-time Republican donor, criticized Trump's extensive tariffs as being set too high and implemented too quickly.

The report stated that Langone told the Financial Times reporter that Trump received "bad advice" and did not give "a serious negotiation a chance to work."

An increasing number of billionaires and financiers have openly criticized Trump's decision to raise import tariffs to levels unseen since the 1930s.

Stanley Druckenmiller, billionaire investor and mentor to Treasury Secretary Scott Besen, posted on X on Sunday, "I do not support tariffs exceeding 10%."

Jim Rogers, who co-founded the Quantum Fund with George Soros, wrote in an email to a Financial Times reporter that although "tariffs occasionally help some people in a relatively short period of time," they "rarely benefit anyone."

Elon Musk, owner of Tesla and "Starlink," and Trump's largest donor, also criticized tariffs. On May 5, Musk called for "zero tariffs" between the United States and Europe and commented that Trump's senior trade advisor Peter Navarro "has achieved nothing."

Wilbur Ross, Trump's commerce secretary during his first term, also warned of unintended consequences caused by tariffs.

Langone said, "I think his advisors gave him bad advice on trade situations and the formulas they adopted."

Ross also believed there were problems with the way tariffs were calculated. He said, "I also doubt the logic of the formula used to calculate tariffs. It is an extremely unconventional way to measure tariffs."

(Translated by Zhu Jie and Liu Zhuo)

Original article: https://www.toutiao.com/article/7490874963956597282/

Disclaimer: This article solely represents the author's views. Please express your attitude by using the "like/dislike" buttons below.