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Billionaire financiers lambast Donald Trump’s tariffs

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Billionaire financiers lambast Donald Trump’s tariffs

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Ken Langone, the co-founder of Home Depot and longtime Republican donor, has lambasted Donald Trump’s wide-ranging tariffs for being set too high and implemented too quickly.

Langone told the Financial Times the US president was being “poorly advised”, the 46 per cent tariff on Vietnam was “bullshit” and the additional 34 per cent tariff on China was “too aggressive, too soon” and did not give “serious negotiations a chance to work”.

“Forty-six per cent on Vietnam? Come on!” said Langone. “You might as well tell them, ‘Don’t even bother calling’.”

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Langone is one of a growing number of billionaire financiers openly criticising the president’s decision to increase tariffs on imports to heights not seen since the 1930s as they grow increasingly alarmed at the resulting market meltdown.

The tariffs — a universal 10 per cent duty plus additional individual levies for many countries — have sent global markets into a tailspin. Over the past week, the S&P 500 has fallen almost 10 per cent.

Billionaire investor Stanley Druckenmiller, a mentor to Treasury secretary Scott Bessent, has also weighed in, posting on X on Sunday: “I do not support tariffs exceeding 10%.”

President Donald Trump announces the tariffs imposed on US trade partners in the White House Rose Garden last week © Carlos Barria/Reuters

So too did billionaire donor Bill Ackman, a supporter of Trump in the 2024 presidential campaign, who described the tariffs as “a major policy error”.

Jim Rogers, who co-founded the Quantum Fund with George Soros, wrote in an email to the FT that while “tariffs have occasionally helped a few people for fairly short periods”, they “are rarely good for anyone”.

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Tesla and Starlink owner Elon Musk, Trump’s biggest donor, has also hit out at the tariffs. On Saturday, Musk called for “a zero-tariff situation” between the US and Europe and remarked that Peter Navarro, Trump’s senior adviser on trade, “ain’t built shit”.

In his annual letter to shareholders on Monday, JPMorgan Chase chief executive Jamie Dimon also criticised the measures, warning that the tariffs “will probably increase inflation and are causing many to consider a greater probability of a recession”.

“The quicker this issue is resolved, the better because some of the negative effects increase cumulatively over time and would be hard to reverse,” he added.

Wilbur Ross, Trump’s commerce secretary during his first term, has also weighed in, warning that the tariffs had had an unexpected impact.

Wilbur Ross
Wilbur Ross, who was previously commerce secretary under Trump, says he has ‘doubts about the logic of the formula to compute the tariffs’ © Saul Loeb/AFP/Getty Images

“It’s more severe than I would have expected,” Ross told the FT. “Particularly the way it is impacting Vietnam, China and Cambodia is more extreme than I would have thought.”

Ross added that businesses and investment firms could deal with good news and bad news but warned: “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.”

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Langone said a “more manageable and certainly more constructive” approach would have been to impose a 10 per cent across-the-board tariff on imported goods, followed by bilateral negotiations with countries.

“I don’t understand the goddamn formula,” said Langone. “I believe he’s been poorly advised by his advisers about this trade situation — and the formula they’re applying.”

Ross, who refrained from directly criticising Trump, agreed there were problems with the way the tariffs had been calculated. “I also have some doubts about the logic of the formula to compute the tariffs. It’s a fairly unconventional way of measuring tariffs.”

He added: “I think that the countries most adversely affected hopefully will come forward and therefore quickly make a deal.”

Langone said that while he agreed with a number of measures carried out by the Trump administration, “I have a different read on when I do it, how I do it. I wouldn’t take on everything all at once”.

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He expected Trump would “eventually” engage in a series of bilateral meetings.

“I think it’ll work,” Langone said. “Right now, what everybody’s terrified of is a tariff war.”

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Three more people charged with damaging Reflecting Pool after Trump’s multimillion-dollar restoration | CNN Politics

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Three more people charged with damaging Reflecting Pool after Trump’s multimillion-dollar restoration | CNN Politics

Three more people have been criminally charged with destruction of property at the Lincoln Memorial Reflecting Pool.

Officers say they detained Cameron Thiers, Sophie Dennison-Gibby and Justin Carreno one Saturday afternoon in June and described in court documents witnessing them peeling and removing pieces of blue paint from the Reflecting Pool.

One officer “witnessed Carreno reach down into the reflecting pool and pull up a piece of the blue paint,” according to the court documents.

The officer who detained Dennison-Gibby “found 1 additional piece of the reflecting pool liner” in her purse, the documents said.

All three incidents were recorded on the officers’ body worn cameras, they said in the court documents.

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Several “partnering law enforcement agencies assigned to the Reflecting Pool” working with US Park Police were involved in detaining the two men and one woman — including officers from Texas, Oklahoma, Montana and California.

One of the officers said in court documents that Thiers “admitted to removing a piece of blue sealant from the Reflecting Pool and still had it in his hand when I made contact with him.”

The three defendants were arraigned in court Wednesday and pleaded not guilty to the misdemeanor charges of destruction of property with a value less than $1,000. The judge ordered them to stay away from the Reflecting Pool.

Lawyers for Thiers and Dennison-Gibby declined to comment. CNN has reached out to Carreno’s attorney.

If found guilty of destruction of property, the defendants could be fined up to $1,000 and face a maximum of 180 days behind bars.

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The New York Times first reported that three additional people had been charged with damaging the Reflecting Pool.

President Donald Trump has repeatedly claimed that vandals caused major damage to the pool by gashing the lining after his administration spent more than $14 million on renovations, though he has not provided evidence to support that claim. The officers who charged Carreno, Thiers and Dennison-Gibby did not accuse them of gashing the lining.

Former Olympic canoeist David Hearn was indicted by a grand jury in Washington, DC, last week for allegedly damaging the Reflecting Pool. Hearn — unlike Carreno, Thiers and Dennison-Gibby – was charged with destruction of property with a value of more than $1,000 which carries a maximum penalty of 10 years in prison, if convicted. He is set to be arraigned in court Thursday.

Crews began draining the Reflecting Pool over the weekend to make repairs, according to Interior Secretary Doug Burgum, for the second time in three months.

The move comes after weeks of problems – algae blooms, green-hued water, a chipping bottom and the administration’s allegations of vandalism – that have plagued the iconic landmark, making its woes the subject of national interest.

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Supreme Court financial disclosures reveal how their books add to their income

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Supreme Court financial disclosures reveal how their books add to their income

Supreme Court Justice Amy Coney Barrett speaks at the Reagan Library on Sept. 9, 2025, in Simi Valley, Calif. Barrett discussed and signed copies of her new book, Listening to the Law: Reflections on the Court and Constitution.

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Even as the Supreme Court was handing down one legal thunderbolt after another last week, the justices were quietly releasing their annual financial reports. Justice Samuel Alito was the only sitting justice to request an extension, which he has done for 15 years. The disclosures do not give a complete account of the justices’ total income and wealth, but they give insights into their concertgoing, guest professorships and even their involvement in youth sports.

In addition to their salaries, much of the justices’ reported income came from their book deals. Justice Ketanji Brown Jackson led the pack earning more than $1.1 million last year for a total of roughly $4 million since her memoir, Lovely One, was published in 2024.

Justices Sonia Sotomayor, Neil Gorsuch, Amy Coney Barrett and retired Justice Anthony Kennedy also reported income from published books. Earnings from their books ranged from $849,000 for Barrett, to $300,000 for Gorsuch and $88,000 for Sotomayor, whose books include her 2013 autobiography and five children’s books. Justice Clarence Thomas, who previously earned $1.5 million for his 2007 memoir, listed no publisher payments last year, and Justice Brett Kavanaugh, one of 13 co-authors of a 2016 legal treatise, also received no payments last year. Kavanaugh is said to be working on a memoir but he listed no payments for the anticipated book. Alito does have a book coming out in the fall, but with his financial report still outstanding, there is no data on how much he was paid for the work in 2025.

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The only two sitting justices who have not written books are Chief Justice John Roberts and Justice Elena Kagan.

Many justices also earned income from teaching at law schools. Roberts reported income from New England Law, located in Boston, and Gorsuch reported teaching income from George Mason University in Virginia. Thomas taught classes at Catholic University in Washington, D.C., and Barrett and Kavanaugh taught at Notre Dame Law School. Barrett graduated from the school and began teaching there 23 years ago; Kavanaugh has family connections to Notre Dame.

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Manhattan Building’s Columns Buckled Beneath New Addition, Images Show

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Manhattan Building’s Columns Buckled Beneath New Addition, Images Show

At least two structural columns buckled and failed in a 37-story office tower in Midtown Manhattan on Tuesday, prompting evacuations of nearby streets and buildings. While city officials asserted that the tower was in no danger of collapsing completely, outside engineers said further failures in the structure could not be ruled out.

A pair of columns that failed completely were part of the tower’s existing structure. A New York Times review of images and videos from inside the building has found that several floors were added atop these columns.

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City officials said in a news conference on Tuesday that the building was continuing to move, while they simultaneously assured the city that the building would not suffer “total collapse.” “The way this building is constructed, it’s a steel-frame building,” John Esposito, a chief in the Fire Department in New York, said at the afternoon news conference. “So, it would not be a total collapse. It would be more of a localized collapse.” Still, he said, “that remains our concern, that it’s moved.”

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Engineers said that the movement itself was cause for concern. In a properly designed steel building, they said, loads should redistribute quickly to surviving structural supports if columns failed.

Joe DiPompeo, a former president of the Structural Engineering Institute at the American Society of Civil Engineers, said that if the structure had been overloaded, he would expect any movement “to happen very quickly,” rather than gradually.

“Generally when a column buckles, it’s a sudden failure,” Mr. DiPompeo said. He said that a full collapse remained unlikely given the redundancies built into the building codes.

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Engineers often refer to the most dangerous possibility as a progressive collapse, a process in which structures near the initial failure become overstressed and also fail, potentially bringing down the building if the sequence continues. While unlikely, it cannot be ruled out, Mr. DiPompeo said.

Footage recorded from inside the building shows at least two structural columns appear to have failed completely, Mr. DiPompeo said. Other nonstructural, interior walls — or at least the metal “studs” that were in place to hold them up — also appear to have deformed.

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“The only way that really happens is if the floor above them dropped. It looks like the floor above could have dropped a foot or two, which is obviously not a good situation,” Mr. DiPompeo said.

@fernando40tiktok.commarc via Storyful

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Image from @fernando40tiktok.commarc via Storyful

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Image from @Bogs4NY via X

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The 37-story building is in the process of being converted from office space into residential units. Four new floors and a large vertical portion were added onto the existing building in recent months. The vertical portion consists of a stack of over a dozen new floors cantilevered out over the existing building below.

Engineers said that there was nothing inherently wrong with adding residential floors or the cantilevered section above the columns that failed, as long as the original structure and the modifications had properly accounted for the added weight and wind loads.

“The cantilever alone doesn’t change anything,” Mr. DiPompeo said, but it does put additional load on the columns underneath — a factor that should have been reflected in the design.

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Nathan Berman, managing principal and founder of MetroLoft, the developer overseeing the conversion, said on Tuesday that “this incident is nothing more than a typical construction mishap.”

He said two columns near the northwest corner of the tower had bent under the weight of additions to the building above, most likely because those columns had not been properly reinforced, though he said an investigation would determine the cause. The rest of the columns, he said, “picked up the weight.” He estimated the affected floors above the failed columns had sagged by a maximum of four inches.

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Mr. Berman said that he expected the problems to be fixed and the project to be completed with, at most, a slight delay.

On Tuesday evening, installation of temporary shoring was set to begin shortly, in order to help stabilize the 20th and 21st floors of the building.

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