Politics
Commentary: Can Trump's billionaire backers pull him back from the tariff cliff?
Many of America’s billionaires and millionaires thought they knew how they would profit from a second Trump term: There would be tax cuts and deregulation and an end to bothersome government investigations.
In other words, a White House sedulously attuned to their interests.
What they didn’t count on, however, was a chaotic and nonsensical tariff policy that threatens to plunge their investment holdings into a bear market — or in some cases, has already done so — and to unravel the global economy in which they made all their money.
What Trump unveiled Wednesday is stupid, wrong, arrogantly extreme, ignorant trade-wise and addressing a non-problem with misguided tools.
— Investment manager Ken Fisher
Now, many of his erstwhile supporters among America’s plutocrats are screaming for mercy. In interviews and social media postings, and in one case even via a federal lawsuit, they’ve been calling on him to roll back his tariff plans or at least to pause them for several months.
Is he listening? So far, he hasn’t indicated a change in strategy. Whether Trump is open to persuasion or his White House sits behind a figurative barrier against criticism, like the Coulomb barrier that repels protons from an atomic nucleus until they reach a high energy level, isn’t known.
Criticism of the tariffs by Trump’s wealthier supporters has emerged as the investment markets continue to reel over Trump’s tariff plans and his apparent resistance to moderating the levies or his anti-free-trade rhetoric.
One can’t pretend that Trump’s backers haven’t been speaking clearly. Let’s listen in on the backlash from billionaires and the billionaire-adjacent.
Among the most vociferous is Ken Langone, the co-founder of Home Depot. Langone, whose net worth is estimated at about $9.5 billion by Forbes, is a Trump backer whose political contributions have gone mostly to Republicans, including a $500,000 donation last year to the GOP’s Senate Leadership Fund.
In an interview with the Financial Times published Monday, Langone decried Trump’s tariffs as too large, imposed too hastily, and based on an incoherent mathematical formula.
Langone told the FT that he thought Trump was “poorly advised.” He questioned the math used by the White House to calculate the “reciprocal tariffs” Trump announced on April 2. “I don’t understand the goddamn formula,” he said. “I believe he’s been poorly advised by his advisors about this trade situation — and the formula they’re applying.”
Focusing on how the formula produced a 42% tariff on goods from Vietnam, he called that figure “bulls—. … Forty-six percent on Vietnam? Come on! You might as well tell them, ‘Don’t even bother calling.’” He also called the 34% tariff on China “too aggressive, too soon.” He spoke before Trump threatened to add another 50% to tariffs on goods from China if it pursued plans to retaliate with higher tariffs on U.S. goods.
Langone is not alone in questioning the April 2 formula. Because of a definitional error, according to economists Kevin Corinth and Stan Veuger of the conservative American Enterprise Institute, the formula yielded tariffs that are roughly four times too high. The proper rate for Vietnam, they calculated, should be 12.2%, not 46%.
“The formula the administration relied on has no foundation in either economic theory or trade law,” Corinth and Veuger wrote. “But if we are going to pretend that it is a sound basis for US trade policy, we should at least be allowed to expect that the relevant White House officials do their calculations carefully.”
Among others weighing in on the tariffs was Stanley Druckenmiller, a revered investment manager who once worked for progressive philanthropist George Soros, and was once the mentor and boss of Scott Bessant, Trump’s treasury secretary. In the 2020 election, Druckenmiller contributed $250,000 to the GOP’s Senate Leadership Fund.
In an interview Sunday with CNBC that he later cited in a tweet on X, Druckenmiller said tariffs shouldn’t exceed 10% to avoid triggering retaliatory tariffs by targeted countries. Trump’s tariffs start at 10% and go higher from there.
“What Trump unveiled Wednesday,” tweeted billionaire investment manager Ken Fisher, who has contributed to Republicans and Democrats, “is stupid, wrong, arrogantly extreme, ignorant trade-wise and addressing a non-problem with misguided tools. … On tariffs Trump is beyond the pale by a long shot.”
Fisher called the tariff formula “ridiculous” and predicted that “if GOP congress members don’t get Trump’s tariffs reigned in pretty quickly, the midterms … will be a blood bath for them big time.”
Among the most vociferous critics of the tariffs has been billionaire hedge fund manager Bill Ackman, who was one of Trump’s most steadfast supporters during the presidential campaign and since the election. But he drew the line at the tariff announcement.
Referring to the plan to begin imposing reciprocal tariffs on Wednesday, Ackman tweeted that if “on April 9th we launch economic nuclear war on every country in the world, business investment will grind to a halt, consumers will close their wallets and pocket books, and we will severely damage our reputation with the rest of the world that will take years and potentially decades to rehabilitate.”
He added, “What CEO and what board of directors will be comfortable making large, long-term, economic commitments in our country in the middle of an economic nuclear war? I don’t know of one who will do so.” He urged Trump to “call a time out.”
Business leaders have also begun speaking out. As I reported earlier, JPMorgan Chase CEO Jamie Dimon, who earlier this year counseled Americans that Trump’s plans for relatively modest tariff increases were no big deal — “Get over it,” he advised — changed his tune in a his annual letter to JPM shareholders published Monday. There he observed that “the recent tariffs will likely increase inflation and are causing many to consider a greater probability of a recession.”
Wilbur Ross, an investment banker who served as Commerce Secretary during Trump’s first term, indicated that he was unnerved by the magnitude of the planned tariff hike.
“It’s more severe than I would have expected,” he told the Financial Times. “Particularly the way it is impacting Vietnam, China and Cambodia is more extreme than I would have thought.” He added, “It’s hard to deal with uncertainty. Fear of the unknown is the worst for people and we are in a period of extreme fear of the unknown.”
Trump’s tariff policy has exposed a serious rift within his inner circle, with conflict between his advisor Elon Musk and Peter Navarro, Trump’s hard-line trade counselor, breaking into the open.
Speaking on CNBC Monday — after Musk called for “a zero-tariff situation, effectively creating a free-trade zone between Europe and North America” — the opposite of Trump’s approach — Navarro called Musk “not a car manufacturer” but a “car assembler,” referring to Tesla, the electric vehicle maker Musk controls. Navarro’s goal was to imply that Tesla is dependent on imported parts that would be subject to the new tariffs.
Musk responded with tweets in which he called Navarro “truly a moron” and “dumber than a sack of bricks.” The assertion that Tesla relies on imported parts, he wrote, is “demonstrably false.”
The Trump White House downplayed the conflict as a minor spat. “Boys will be boys, and we will let their public sparring continue,” White House press secretary Karoline Leavitt said Tuesday.
Another path of attack on Trump’s tariffs was opened last week by the New Civil Liberties Alliance, a conservative legal group that has been funded by right-wing sources including the Koch network, the Linde and Harry Bradley Foundation and the Sarah Scaife Foundation.
The Alliance filed a lawsuit last week asserting that the law Trump cited as giving him power to set tariffs — a power the constitution reserves for Congress — does not, in fact, provide that authority.
Politics
Federal judge blocks Trump administration from enforcing mail-in voting rules in executive order
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A federal judge in Washington state on Friday blocked the Trump administration from enforcing key parts of an executive order that sought to change how states administer federal elections, ruling the president lacked authority to apply those provisions to Washington and Oregon.
U.S. District Judge John Chun held that several provisions of Executive Order 14248 violated the separation of powers and exceeded the president’s authority.
“As stated by the Supreme Court, although the Constitution vests the executive power in the President, ‘[i]n the framework of our Constitution, the President’s power to see that the laws are faithfully executed refutes the idea that he is to be a lawmaker,’” Chun wrote in his 75-page ruling.
FEDERAL APPEALS COURT RULES AGAINST TRUMP’S BIRTHRIGHT CITIZENSHIP EXECUTIVE ORDER
Residents drop mail-in ballots in an official ballot box outside the Tippecanoe branch library on Oct. 20, 2020 in Milwaukee, Wisconsin. (Scott Olson/Getty Images)
White House spokeswoman Abigail Jackson told Fox News Digital in a statement: “President Trump cares deeply about the integrity of our elections and his executive order takes lawful actions to ensure election security. This is not the final say on the matter and the Administration expects ultimate victory on the issue.”
Washington and Oregon filed a lawsuit in April contending the executive order signed by President Donald Trump in March violated the Constitution by attempting to set rules for how states conduct elections, including ballot counting, voter registration and voting equipment.
DOJ TARGETS NONCITIZENS ON VOTER ROLLS AS PART OF TRUMP ELECTION INTEGRITY PUSH
“Today’s ruling is a huge victory for voters in Washington and Oregon, and for the rule of law,” Washington Attorney General Nick Brown said in response to the Jan. 9 ruling, according to The Associated Press. “The court enforced the long-standing constitutional rule that only States and Congress can regulate elections, not the Election Denier-in-Chief.”
President Donald Trump speaks during a breakfast with Senate and House Republicans at the White House, Nov. 5, 2025. (AP Photo/Evan Vucci)
Executive Order 14248 directed federal agencies to require documentary proof of citizenship on federal voter registration forms and sought to require that absentee and mail-in ballots be received by Election Day in order to be counted.
The order also instructed the attorney general to take enforcement action against states that include such ballots in their final vote tallies if they arrive after that deadline.
“We oppose requirements that suppress eligible voters and will continue to advocate for inclusive and equitable access to registration while protecting the integrity of the process. The U.S. Constitution guarantees that all qualified voters have a constitutionally protected right to vote and to have their votes counted,” said Washington Secretary of State Steve Hobbs in a statement issued when the lawsuit was filed last year.
Voting booths are pictured on Election Day. (Paul Richards/AFP via Getty Images)
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“We will work with the Washington Attorney General’s Office to defend our constitutional authority and ensure Washington’s elections remain secure, fair, and accessible,” Hobbs added.
Chun noted in his ruling that Washington and Oregon do not certify election results on Election Day, a practice shared by every U.S. state and territory, which allows them to count mail-in ballots received after Election Day as long as the ballots were postmarked on or before that day and arrived before certification under state law.
Politics
Deadly ICE shooting in Minnesota, affordability stir up California gubernatorial forums
Just days after the fatal shooting of a Minnesota woman by a federal immigration agent, the Trump administration’s immigration policy was a top focus of California gubernatorial candidates at two forums Saturday in Southern California.
The death of Renee Nicole Good, a 37-year-old mother of three, inflamed the nation’s deep political divide and led to widespread protests in Los Angeles and across the country about President Trump’s combative immigration policies.
Former Assembly Majority Leader Ian Calderon, speaking at a labor forum featuring Democratic candidates in Los Angeles, said that federal agents aren’t above the law.
“You come into our state and you break one of our f— … laws, you’re going to be criminally charged. That’s it,” he said.
Federal officials said the deadly shooting was an act of self-defense.
Rep. Eric Swalwell (D-Dublin) noted that the president of the labor union that organized the candidate forum, David Huerta, was injured and arrested during the Trump administration’s raids on undocumented people in Los Angeles in June.
“Ms. Good should be alive today. David, that could have been you, the way they’re conducting themselves,” he said to Huerta, who was moderating the event. “You’re now lucky if all they did was drag you by the hair or throw you in an unmarked van, or deport a 6-year-old U.S. citizen battling stage 4 cancer.”
Roughly 40 miles south at a separate candidate forum featuring the top two Republicans in the race, GOP candidate and Riverside County Sheriff Chad Bianco said politicians who support so-called “sanctuary state” policies should be voted out of office.
“I wish it was the 1960s, ‘70s, and ‘80s — we’d take them behind the shed and beat the s— out of them,” he said.
“We’re in a church!” an audience member was heard yelling during a livestream of the event.
California Democratic leaders in 2017 passed a landmark “sanctuary state” law that limits cooperation between local and federal immigration officers, a policy that was a reaction to the first Trump administration’s efforts to ramp up deportations.
After the campaign to replace termed-out Gov. Gavin Newsom was largely obscured last year by natural disasters, immigration raids and the special election to redraw California’s congressional districts, the 2026 governor’s race is now in the spotlight.
Eight Democratic candidates appeared at a forum sponsored by SEIU United Service Workers West, which represents more than 45,000 janitors, security officers, airport service employees and other workers in California.
Many of the union’s members are immigrants, and a number of the candidates referred to their familial roots as they addressed the audience of about 250 people — with an additional 8,000 watching online.
“As the son of immigrants, thank you for everything you did for your children, your grandchildren, to give them that chance,” former U.S. Health and Human Services Secretary Xavier Becerra told two airport workers who asked the candidates questions about cuts to state services for immigrants.
“I will make sure you have the right to access the doctor you and your family need. I will make sure you have a right to have a home that will keep you safe and off the streets. I will make sure that I treat you the way I would treat my parents, because you worked hard the way they did.”
The Democrats broadly agreed on most of the pressing issues facing California, so they tried to differentiate themselves based on their records and their priorities.
Candidates for California’s next governor including Tony Thurmond, speaking at left, participate in the 2026 Gubernatorial Candidate Forum in Los Angeles on Saturday.
(Christina House/Los Angeles Times)
“I firmly believe that your campaign says something about who you will be when you lead. The fact that I don’t take corporate contributions is a point of pride for me, but it’s also my chance to tell you something about who I am and who I will fight for,” said former Rep. Katie Porter.
“Look, we’ve had celebrity governors. We’ve had governors who are kids of other governors, and we’ve had governors who look hot with slicked back hair and barn jackets. You know what? We haven’t had a governor in a skirt. I think it’s just about … time.”
Former Los Angeles Mayor Antonio Villaraigosa, seated next to Porter, deadpanned, “If you vote for me, I’ll wear a skirt, I promise.”
Villaraigosa frequently spoke about his roots in the labor movement, including a farmworker boycott when he was 15 years old.
“I’ve been fighting for immigrants my entire life. I have fought for you the entire time I’ve been in public life,” he said. “I know [you] are doing the work, working in our buildings, working at the airport, working at the stadiums. I’ve talked to you. I’ve worked with you. I’ve fought for you my entire life. I’m not a Johnny-come-lately to this unit.”
The candidates were not asked about a proposed ballot measure to tax the assets of billionaires that one of SEIU-USWW’s sister unions is trying to put on the November ballot. The controversial proposal has divided Democrats and prompted some of the state’s wealthiest residents to move out of the state, or at least threaten to do so.
But several of the candidates talked about closing tax loopholes and making sure the wealthy and businesses pay their fair share of taxes.
“We’re going to hold corporations and billionaires accountable. We’re going to be sure that we are returning power to the workers who know how to grow this economy,” said former state Controller Betty Yee.
State Supt. of Public Instruction Tony Thurmond highlighted his proposal to tax billionaires to fund affordable housing, healthcare and education.
“And then I’m going to give you, everyone in this room and California working people, a tax credit so you have more money in your pocket, a couple hundred dollars a month, every month, for the rising cost of gas and groceries,” he said.
Billionaire hedge fund founder Tom Steyer said closing corporate tax loopholes would result in $15 billion to $20 billion in new annual state revenue that he would spend on education and healthcare programs.
“When we look at where we’re going, it’s not about caring, because everyone on this stage cares. It’s not about values. It’s about results,” he said, pointing to his backing of successful ballot measures to close a corporate tax loophole, raise tobacco taxes, and stop oil-industry-backed efforts to roll back environmental law.
“I have beaten these special interests, every single time with the SEIU,” he said. “We’ve done it. We’ve been winning. We need to keep fighting together. We need to keep winning together.”
Republican gubernatorial candidates were not invited to the labor gathering. But two of the state’s top GOP contenders were among the five candidates who appeared Saturday afternoon at a “Patriots for Freedom” gubernatorial forum at Calvary Chapel WestGrove in Orange County. Immigration, federal enforcement and homelessness were also among the hot topics there.
Days after Bianco met with unhoused people on Skid Row in downtown Los Angeles and Newsom touted a 9% decrease in the number of unsheltered homeless people during his final state of the state address, Bianco said that he would make it a “crime” for anyone to utter the word “homeless,” arguing that those on the street are suffering from drug- and alcohol-induced psychosis, not a lack of shelter.
Former Fox News commentator Steve Hilton criticized the “attacks on our law enforcement offices, on our ICE agents who are doing their job protecting our country.”
“We are sick of it,” he said at the Garden Grove church while he also questioned the state’s decision to spend billions of dollars for healthcare for low-income undocumented individuals. State Democrats voted last year to halt the enrollment of additional undocumented adults in the state’s Medi-Cal program starting this year.
Politics
Video: Protests Against ICE in Minneapolis Continue Into Friday Night
new video loaded: Protests Against ICE in Minneapolis Continue Into Friday Night
transcript
transcript
Protests Against ICE in Minneapolis Continue Into Friday Night
Hundreds of protesters marched through downtown Minneapolis on Friday night. They stopped at several hotels along the way to blast music, bang drums and play instruments to try to disrupt the sleep of immigration agents who might be staying there. Mayor Jacob Frey of Minneapolis said there were 29 arrests but that it was mostly a “peaceful protest.”
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The vast majority of people have done this right. We are so deeply appreciative of them. But we have seen a few incidents last night. Those incidents are being reviewed, but we wanted to again give the overarching theme of what we’re seeing, which is peaceful protest. And we wanted to say when that doesn’t happen, of course, there are consequences. We are a safe city. We will not counter Donald Trump’s chaos with our own brand of chaos here. We in Minneapolis are going to do this right.
By McKinnon de Kuyper
January 10, 2026
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