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
Video: Jan. 6 Rioter Hired by Pentagon
new video loaded: Jan. 6 Rioter Hired by Pentagon
transcript
transcript
Jan. 6 Rioter Hired by Pentagon
Elias Irizarry, who pleaded guilty to climbing through a broken window at the Capitol on Jan. 6, 2021, now works for an office responsible for uncovering and defending against terrorism plots at the Pentagon.
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“Full pardon or commutation?” “Full pardon.”
By Alisa Shodiyev Kaff
June 4, 2026
Politics
Democrats split over Tlaib’s Lebanon measure as Republicans seize on Hezbollah omission
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Democrats splintered over a resolution seeking to block the U.S. from assisting Israel’s war against Hezbollah, an Iranian-backed terrorist group, on Thursday.
The measure, offered by progressive Rep. Rashida Tlaib, D-Mich., would require President Donald Trump to withdraw U.S. forces from Lebanon. For months, Israel and Hezbollah, a U.S.-designated terrorist group and Iranian proxy, have been at war in southern Lebanon, but the United States has not joined the conflict.
A bipartisan coalition of lawmakers, including House Minority Leader Hakeem Jeffries, D-N.Y., rejected the measure. Critics argued the resolution could aid Hezbollah and potentially hamstring U.S. military operations in the country.
Tlaib’s resolution failed 92-324, with more than half of House Democrats joining nearly all Republicans to vote it down.
The Lebanon war powers resolution divided Democrats, with House Minority Leader Hakeem Jeffries, D-N.Y., joining Republicans in rejecting the measure. (Aaron Schwartz/Bloomberg)
REP RASHIDA TLAIB MOVES TO BLOCK US OPERATIONS IN LEBANON BUT IGNORES HEZBOLLAH
Rep. Thomas Massie, R-Ky., an Israel critic, was the lone Republican to support Tlaib’s measure. Meanwhile, Reps. Derek Tran, D-Calif., and Betty McCollum, D-Minn., voted present.
House Democratic leaders said shortly before the vote they would oppose Tlaib’s resolution and work with the progressive lawmaker on a narrower measure exempting some U.S. military operations in the country. Their statement also denounced Hezbollah as a “violent terrorist organization” and a “sworn enemy of the United States.”
Tlaib, who has accused Israel of committing “ethnic cleansing” in Lebanon, did not mention Hezbollah in her resolution. She and other proponents of the measure also avoided discussing the Iranian proxy force during heated floor debate over the measure.
Republicans highlighted the omission and accused the legislation’s supporters of serving as “proxies for Hezbollah.”
“Apparently they don’t want to see Israel killing Hezbollah, even though it’s Hezbollah that is killing Israeli children, Israeli adults, Israeli elders,” House Foreign Affairs Committee Chairman Brian Mast, R-Fla., said Wednesday, referring to his Democratic colleagues.
Tlaib asserted that her resolution would only affect U.S. forces actively engaged in hostilities. Republicans, however, disputed that claim and suggested it would hurt U.S. efforts to counter Hezbollah.
“It doesn’t say anything about [whether] you can keep the Marines that are in the embassy,” Mast said, referring to the U.S. embassy in Beirut. “That’s a pretty big oversight. It doesn’t say anything about whether we can keep United States armed forces that are training missions with the LAF [Lebanese Armed Forces]. Again, pretty big oversight.”
Rep. Rashida Tlaib, a Democrat from Michigan, attempted to bar U.S. forces from joining Israel’s war in Lebanon. (Tierney L. Cross/Bloomberg)
RASHIDA TLAIB HIT WITH HOUSE CENSURE THREAT, ACCUSED OF ‘CELEBRATING TERRORISM’ IN PRO-PALESTINIAN SPEECH
The debate turned personal when Rep. Max Miller, R-Ohio, a member of the House Foreign Affairs Committee, linked Tlaib to Hezbollah.
“Hezbollah is a terrorist organization … and its members are butchers that you like to hang out with to a certain extent,” the Ohio lawmaker said, referring to Tlaib.
A shouting match between the two then broke out, with Tlaib demanding that Miller’s remarks be stricken from the record.
The presiding chair ultimately complied with her request, but Miller doubled down on his remarks.
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“Yes, I said it. I own it, and I stand by it,” Mast said on behalf of Miller on the floor.
Tlaib’s failed war powers resolution comes as Iran has sought to tie Israel’s invasion of Lebanon to its ceasefire negotiations with the United States.
Hezbollah, which has long helped Iran project power in the region, rejected a ceasefire agreement between Israel and Lebanon’s government Thursday.
Politics
Senate rejects an initial attempt to ban Trump’s $1.8-billion ‘anti-weaponization’ fund
WASHINGTON — Initial efforts in the Senate failed Thursday to block the $1.8-billion fund that the Trump administration has sought to establish to pay people who claim the government wronged them, though further attempts were likely to come Thursday afternoon.
Republicans narrowly voted down a Democratic amendment to ban the payout fund and then Democrats killed a Republican amendment, which would have prohibited the use of federal money for the fund but would have sent $1.7 billion to the Justice Department’s fraud division.
It was the second effort in Congress to rebuke President Trump in two days, following the House vote Wednesday to rein in Trump’s war powers in Iran.
The dueling amendments were proposed by Senate Minority Leader Chuck Schumer (D-N.Y.) and Sen. Thom Tillis (R-N.C.). They were attached to the reconciliation bill that would fund Immigration and Customs Enforcement and the Border Patrol, a high priority for Republicans.
The votes came as the Senate began a “vote-a-rama,” during which lawmakers were expected to propose a stream of amendments to the immigration bill on various topics.
The Trump administration’s plan for the payment fund — widely seen as a way for Trump to compensate his political allies, including those who participated in the Jan. 6, 2021, attack on the Capitol — set off particular ire from some GOP lawmakers.
The plan has fueled growing unrest within parts of Trump’s party over his governance, compounded by the president’s endorsement of primary challengers to Sens. John Cornyn (R-Texas) and Bill Cassidy (R-La.), as well as Rep. Thomas Massie (R-Ky.), which angered some Republican senators.
Cassidy, who lost his primary and has since voiced strong opposition to Trump’s $1.8-billion fund, became a key player in the Thursday votes, voting down Schumer’s amendment but supporting Tillis’.
On Wednesday, Cassidy joined with Sen. Cory Booker (D-N.J.) to argue in a court filing that the $1.8-billion fund circumvents Congress’ authority and violates the Constitution’s spending and appropriations clauses.
“It is an unconstitutional attempt to spend the People’s money without Congressional approval,” Cassidy and Booker wrote in an amicus brief filed in the federal court case challenging the fund.
The fund was created by the Justice Department to settle a lawsuit brought by Trump against the Internal Revenue Service over the leak of his tax returns. Trump and his sons agreed to drop their personal lawsuit against the government in exchange for the creation of the $1.776-billion fund. Critics immediately questioned the plan, and it drew a rare backlash from Republicans.
In late May, GOP senators derailed plans to vote on the immigration bill over their displeasure with the payout fund and with Trump’s desire to use taxpayer funds for his planned White House ballroom. Senate Republicans removed the ballroom funding from the immigration package Wednesday, another setback for Trump.
The Trump administration sought to back away from its plans for the fund this week, following bipartisan outcry and a federal court ruling that temporarily blocked any payouts from the fund. Acting Atty. Gen. Todd Blanche said Tuesday the administration would end its plans to move ahead with the concept.
But Trump on Wednesday told reporters he didn’t know whether the fund was dead, calling it “a beautiful thing.”
After Schumer proposed the first amendment to ban the fund Thursday morning, the Senate came to a standstill as three key Republican senators deliberated. Schumer framed his effort to ban the fund Thursday as a way to force a referendum on Trump’s plan.
The amendment “offers Republicans a choice: Do you support Donald Trump’s $2 billion taxpayer-funded slush fund, or do you want to protect the American people and their paychecks?” Schumer said on the Senate floor before the vote.
Sen. Bernie Moreno (R-Ohio) urged Republicans to reject the amendment, saying Democrats were planning to “play so many games” on Thursday during the marathon session.
“We are going to fund immigration enforcement and border patrol, and I urge my Republican colleagues to stay united on that singular mission,” Moreno said.
The amendment failed after Cassidy voted against it. Republican Sens. Susan Collins of Maine, Jon Husted of Ohio and Dan Sullivan of Alaska voted in favor.
Schumer’s amendment was uniformly supported by Democrats, including California Sens. Adam Schiff and Alex Padilla.
Tillis, who also voted against Schumer’s amendment, immediately proposed his amendment. Sen. Jeff Merkley (D-Oregon) urged Democrats to oppose it, saying that the proposal would create “a new slush fund” by giving the money to the Justice Department.
“We heard over the last 48 hours that the acting attorney general said that this fund’s not moving forward. All this amendment does is codify what I believe the policy of the DOJ is,” Tillis said on the floor before voting began on his amendment. “This [fund] is unpopular, this administration has said they’re not moving forward with it; this is an opportunity for us to put it to bed.”
Responded Merkley: “Taking one slush fund and eliminating it and then creating a new slush fund still under control of the attorney general is not the way to go. The way to go is to get rid of these slush funds altogether.”
Trump has faced a recent string of failures, including the House vote Wednesday, a court ruling to remove his name from the Kennedy Center and a record-low approval rating among Americans as concern rises about economic issues, gas prices and Trump’s war with Iran.
On Wednesday, Trump lashed out against the four Republicans who backed the House war powers resolution, calling it “an unpatriotic thing” to do and calling the vote “meaningless.”
“They’re GRANDSTANDERS! They should be ashamed of themselves. MAGA!!! President DJT,” Trump wrote.
Times staff writer Ana Ceballos, in Washington, contributed to this report.
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