Connect with us

Politics

Commentary: Can Trump's billionaire backers pull him back from the tariff cliff?

Published

on

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

Advertisement

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.

Advertisement

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%.

Advertisement

“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.”

Advertisement

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.

Advertisement

“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.

Advertisement

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

Where Iran’s ballistic missiles can reach — and how close they are to the US

Published

on

Where Iran’s ballistic missiles can reach — and how close they are to the US

NEWYou can now listen to Fox News articles!

President Donald Trump warned that Iran is working to build missiles that could “soon reach the United States of America,” elevating concerns about a weapons program that already places U.S. forces across the Middle East within range.

Iran does not currently possess a missile capable of striking the U.S. homeland, officials say. But its existing ballistic missile arsenal can target major American military installations in the Gulf, and U.S. officials say the issue has emerged as a key sticking point in ongoing nuclear negotiations.

Here’s what Iran can hit now — and how close it is to reaching the U.S.

What Iran can hit right now

A map shows what is within range of ballistic missiles fired from Iran. (Fox News)

Advertisement

Iran is widely assessed by Western defense analysts to operate the largest ballistic missile force in the Middle East. Its arsenal consists primarily of short- and medium-range ballistic missiles with ranges of up to roughly 2,000 kilometers — about 1,200 miles.

That range places a broad network of U.S. military infrastructure across the Gulf within reach.

Among the installations inside that envelope:

IRAN SIGNALS NUCLEAR PROGRESS IN GENEVA AS TRUMP CALLS FOR FULL DISMANTLEMENT

  • Al Udeid Air Base in Qatar, forward headquarters for U.S. Central Command.
  • Naval Support Activity Bahrain, home to the U.S. 5th Fleet.
  • Camp Arifjan in Kuwait, a major Army logistics and command hub.
  • Ali Al Salem Air Base in Kuwait, used by U.S. Air Force units.
  • Prince Sultan Air Base in Saudi Arabia.
  • Al Dhafra Air Base in the United Arab Emirates.
  • Muwaffaq Salti Air Base in Jordan, which hosts U.S. aircraft.

U.S. forces have drawn down from some regional positions in recent months, including the transfer of Al Asad Air Base in Iraq back to Iraqi control earlier in 2026. But major Gulf installations remain within the range envelope of Iran’s current missile inventory.

Israel’s air defense targets Iranian missiles in the sky of Tel Aviv in Israel, June 16, 2025. (MATAN GOLAN/Middle East Images/AFP via Getty Images)

Advertisement

Multiple U.S. officials told Fox News that staffing at the Navy’s 5th Fleet headquarters in Bahrain has been reduced to “mission critical” levels amid heightened tensions. A separate U.S. official disputed that characterization, saying no ordered departure of personnel or dependents has been issued.

At the same time, the U.S. has surged significant naval and air assets into and around the region in recent days. 

The USS Abraham Lincoln Carrier Strike Group is operating in the Arabian Sea alongside multiple destroyers, while additional destroyers are positioned in the eastern Mediterranean, Red Sea and Persian Gulf. 

The USS Gerald R. Ford Carrier Strike Group is also headed toward the region. U.S. Air Force fighter aircraft — including F-15s, F-16s, F-35s and A-10s — are based across Jordan, Saudi Arabia and Bahrain, supported by aerial refueling tankers, early warning aircraft and surveillance platforms, according to a recent Fox News military briefing.

Iran has demonstrated its willingness to use ballistic missiles against U.S. targets before.

Advertisement

In January 2020, following the U.S. strike that killed Islamic Revolutionary Guard Corps Gen. Qassem Soleimani, Iran launched more than a dozen ballistic missiles at U.S. positions in Iraq. Dozens of American service members were later diagnosed with traumatic brain injuries.

That episode underscored the vulnerability of forward-deployed forces within reach of Iran’s missile arsenal.

 Can Iran reach Europe?

Most publicly known Iranian missile systems are assessed to have maximum ranges of around 2,000 kilometers. 

Depending on launch location, that could place parts of southeastern Europe — including Greece, Bulgaria and Romania — within potential reach. The U.S. has some 80,000 troops stationed across Europe, including in all three of these countries.

Iran is widely assessed by Western defense analysts to operate the largest ballistic missile force in the Middle East. (Majid Saeedi/Getty Images)

Advertisement

Reaching deeper into Europe would require longer-range systems than Iran has publicly demonstrated as operational.

Can Iran hit the US?

IRAN NEARS CHINA ANTI-SHIP SUPERSONIC MISSILE DEAL AS US CARRIERS MASS IN REGION: REPORT

Iran does not currently field an intercontinental ballistic missile (ICBM) capable of striking the U.S. homeland.

To reach the U.S. East Coast, a missile would need a range of roughly 10,000 kilometers — far beyond Iran’s known operational capability.

However, U.S. intelligence agencies have warned that Iran’s space launch vehicle program could provide the technological foundation for a future long-range missile.

Advertisement

In a recent threat overview, the Defense Intelligence Agency stated that Iran “has space launch vehicles it could use to develop a militarily-viable ICBM by 2035 should Tehran decide to pursue the capability.”

That assessment places any potential Iranian intercontinental missile capability roughly a decade away — and contingent on a political decision by Tehran.

U.S. officials and defense analysts have pointed in particular to Iran’s recent space launches, including rockets such as the Zuljanah, which use solid-fuel propulsion. Solid-fuel motors can be stored and launched more quickly than liquid-fueled rockets — a feature that is also important for military ballistic missiles.

Space launch vehicles and long-range ballistic missiles rely on similar multi-stage rocket technology. Analysts say advances in Iran’s space program could shorten the pathway to an intercontinental-range missile if Tehran chose to adapt that technology for military use.

For now, however, Iran has not deployed an operational ICBM, and the U.S. homeland remains outside the reach of its current ballistic missile arsenal.

Advertisement

US missile defenses — capable but finite

The U.S. relies on layered missile defense systems — including Terminal High Altitude Area Defense (THAAD), Patriot and ship-based interceptors — to protect forces and allies from ballistic missile threats across the Middle East.

These systems are technically capable, but interceptor inventories are finite.

During the June 2025 Iran-Israel missile exchange, U.S. forces reportedly fired more than 150 THAAD interceptors — roughly a quarter of the total the Pentagon had funded to date, according to defense analysts.

The economics also highlight the imbalance: open-source estimates suggest Iranian short-range ballistic missiles can cost in the low hundreds of thousands of dollars apiece, while advanced U.S. interceptors such as THAAD run roughly $12 million or more per missile.

Precise inventory levels are classified. But experts who track Pentagon procurement data warn that replenishing advanced interceptors can take years, meaning a prolonged, high-intensity missile exchange could strain stockpiles even if U.S. defenses remain effective.

Advertisement

Missile program complicates negotiations

The ballistic missile issue has also emerged as a key fault line in ongoing diplomatic efforts between Washington and Tehran.

Secretary of State Marco Rubio has said Iran’s refusal to negotiate limits on its ballistic missile program is “a big problem,” signaling that the administration views the arsenal as central to long-term regional security.

While current negotiations are focused primarily on Iran’s nuclear program and uranium enrichment activities, U.S. officials have argued that delivery systems — including ballistic missiles — cannot be separated from concerns about a potential nuclear weapon.

CLICK HERE TO DOWNLOAD THE FOX NEWS APP

Iranian officials, however, have insisted their missile program is defensive in nature and not subject to negotiation as part of nuclear-focused talks.

Advertisement

As diplomacy continues, the strategic reality remains clear: Iran cannot currently strike the U.S. homeland with a ballistic missile. But U.S. forces across the Middle East remain within range of Tehran’s existing arsenal — and future capabilities remain a subject of intelligence concern.

Related Article

Iran announces test of new naval air defense missile in Strait of Hormuz as US military buildup continues
Continue Reading

Politics

Contributor: The last shreds of our shared American culture are being politicized

Published

on

Contributor: The last shreds of our shared American culture are being politicized

At a time when so many forces seem to be dividing us as a nation, it is tragic that President Trump seeks to co-opt or destroy whatever remaining threads unite us.

I refer, of course, to the U.S. men’s Olympic hockey team winning gold: the kind of victory that normally causes Americans to forget their differences and instead focus on something wholesome, like chanting “USA” while mispronouncing the names of the European players we defeated before taking on Canada.

This should have been pure civic oxygen. Instead, we got video of Kash Patel pounding beers with the players — which is not illegal, but does make you wonder whether the head of the Federal Bureau of Investigation has a desk somewhere with neglected paperwork that might hold the answers to the D.B. Cooper mystery.

Then came the presidential phone call to the men’s team, during which Trump joked about having to invite the women’s team to the State of the Union, too, or risk impeachment — the sort of sexist humor that lands best if you’re a 79-year-old billionaire and not a 23-year-old athlete wondering whether C-SPAN is recording. (The U.S. women’s hockey team also brought home the gold this year, also after beating Canada. The White House invited the women to the State of the Union, and they declined.)

It’s hard to blame the players on the men’s team who were subjected to Trump’s joke. They didn’t invite this. They’re not Muhammad Ali taking a principled stand against Vietnam, or Tommie Smith and John Carlos raising fists for Black power at the Olympics in 1968, or even Colin Kaepernick protesting police brutality by kneeling during the national anthem. They’re just hockey bros who survived a brutal game and were suddenly confronted with two of the most powerful figures in the federal government — and a cooler full of beer.

Advertisement

When the FBI director wants to hang, you don’t say, “Sorry, sir, we have a team curfew.” And when the president calls, you definitely don’t say, “Can you hold? We’re trying to remain serious, bipartisan and chivalrous.” Under those circumstances, most agreeable young men would salute, smile and try to skate past it.

But symbolism matters. If the team becomes perceived as a partisan mascot, then the victory stops belonging to the country and starts belonging to a faction. That would be bad for everyone, including the team, because politics is the fastest way to turn something fun into something divisive.

And Trump’s meddling with the medal winners didn’t end after his call. It continued during Tuesday night’s State of the Union address, when Trump spent six minutes honoring the team, going so far as to announce that he would award the Presidential Medal of Freedom to goalie Connor Hellebuyck.

To be sure, presidents have always tried to bask in reflected glory. The main difference with Trump, as always, is scale. He doesn’t just associate himself with popular institutions; he absorbs them in the popular mind.

We’ve seen this dynamic play out with evangelical Christianity, law enforcement, the nation of Israel and various cultural symbols. Once something gets labeled as “Trump-adjacent,” millions of Americans are drawn to it. However, millions of other Americans recoil from it, which is not healthy for institutions that are supposed to serve everyone. (And what happens to those institutions when Trump is replaced by someone from the opposing party?)

Advertisement

Meanwhile, our culture keeps splitting into niche markets. Heck, this year’s Super Bowl necessitated two separate halftime shows to accommodate our divided political and cultural worldviews. In the past, this would have been deemed both unnecessary and logistically impossible.

But today, absent a common culture, entertainment companies micro-target via demographics. Many shows code either right or left — rural or urban. The success of the western drama “Yellowstone,” which spawned imitators such as “Ransom Canyon” on Netflix, demonstrates the success of appealing to MAGA-leaning viewers. Meanwhile, most “prestige” TV shows skew leftward. The same cultural divides now exist among comedians and musicians and in almost every aspect of American life.

None of this was caused by Trump — technology (cable news, the internet, the iPhone) made narrowcasting possible — but he weaponized it for politics. And whereas most modern politicians tried to build broad majorities the way broadcast TV once chased ratings — by offending as few people as possible — Trump came not to bring peace but division.

Now, unity isn’t automatically virtuous. North Korea is unified. So is a cult. Americans are supposed to disagree — it’s practically written into the Constitution. Disagreement is baked into our national identity like free speech and complaining about taxes.

But a functioning republic needs a few shared experiences that aren’t immediately sorted into red and blue bins. And when Olympic gold medals get drafted into the culture wars, that’s when you know we’re running out of common ground.

Advertisement

You might think conservatives — traditionally worried about social cohesion and anomie — would lament this erosion of a mainstream national identity. Instead, they keep supporting the political equivalent of a lawn mower aimed at the delicate fabric of our nation.

So here we are. The state of the union is divided. But how long can a house divided against itself stand?

We are, as they say, skating on thin ice.

Matt K. Lewis is the author of “Filthy Rich Politicians” and “Too Dumb to Fail.”

Advertisement
Continue Reading

Politics

Video: Hillary Clinton Denies Ever Meeting Jeffrey Epstein

Published

on

Video: Hillary Clinton Denies Ever Meeting Jeffrey Epstein

new video loaded: Hillary Clinton Denies Ever Meeting Jeffrey Epstein

transcript

transcript

Hillary Clinton Denies Ever Meeting Jeffrey Epstein

The former first lady, senator and secretary of state, Hillary Clinton, told congressional members in a closed-door deposition that she had no dealings with Jeffrey Epstein.

“I don’t know how many times I had to say I did not know Jeffrey Epstein. I never went to his island. I never went to his homes. I never went to his offices. So it’s on the record numerous times.” “This isn’t a partisan witch hunt. To my knowledge, the Clintons haven’t answered very many questions about everything.” “You’re sitting through an incredibly unserious clown show of a deposition, where members of Congress and the Republican Party are more concerned about getting their photo op of Secretary Clinton than actually getting to the truth and holding anyone accountable.” “What is not acceptable is Oversight Republicans breaking their own committee rules that they established with the secretary and her team.” “As we had agreed upon rules based on the fact that it was going to be a closed hearing at their demand, and one of the members violated that rule, which was very upsetting because it suggested that they might violate other of our agreements.”

Advertisement
The former first lady, senator and secretary of state, Hillary Clinton, told congressional members in a closed-door deposition that she had no dealings with Jeffrey Epstein.

By Jackeline Luna

February 26, 2026

Continue Reading

Trending