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

Trump Promotes ‘Freedom Fuel’ Gas Stations as Gas Prices Rise Again

Published

on

President Trump has promoted a chain of newly rebranded gas stations across the Philadelphia area with lower gas prices. The New York Times has not been able to get detailed information about who is behind the stations. The Trump administration says it did not fund or subsidize the company.

Continue Reading

Politics

Kelley Paul: America’s Founders were the ‘first civil rights heroes’

Published

on

Kelley Paul: America’s Founders were the ‘first civil rights heroes’

NEWYou can now listen to Fox News articles!

Kelley Paul is no stranger to the American political scene. As the wife of Senator Rand Paul (R-Ky.), and the daughter-in-law of longtime former Congressman Ron Paul (R-Texas), she has seen her fair share of the campaign trail, emerging as a powerful surrogate during her husband’s 2016 presidential run.

She is also an accomplished writer, speaker, and public relations professional. As America ushers in its 250th anniversary, Paul saw the perfect opportunity to branch out into the world of children’s literature. Recently she sat down with Fox News Digital in Las Vegas at Freedom Fest to discuss her new book, “Good Night, Young American.”

Kelley Paul is the wife of Sen. Rand Paul and author of two books. (Courtesy Kelley Paul)

Paul credits her family for giving her the inspiration for the new project:

Advertisement

“I have to give a lot of credit to my daughter-in-law, Kate. She and our son were over for dinner last summer with our grandson, who was only six months old at the time. And Kate was like, you know, we need more patriotic books for babies. She wasn’t really happy with a lot of the book options she was seeing. And that night at dinner, we kind of played around with some ideas. And I came up with ‘Good Night Young American.’ And a year later, here it is.”

EXCLUSIVE: RAND AND KELLEY PAUL OPEN UP ABOUT 2016 RACE

“Good Night, Young American,” recommended for children ages 4–8, takes kids on a visually and thematically engaging journey through early and colonial history.

“Well, our revolutionary history is such a great adventure, right? So when I came up with the concept that my little boy would start out on the 4th of July with his parents, asking, what is it all about? I knew we’d be celebrating the 250th. Kids ask, what are we really celebrating? 

And his dad describes the Declaration of Independence to him in the signing. So I tried to think what is going to appeal to children in this great adventure of our revolution. So when he falls asleep that night, he’s in the crow’s nest of the Mayflower. He is a pilgrim, he’s a colonist, and then he makes friends with all the great revolutionary heroes that we know. So he makes friends with Sam Adams, he joins the Sons of Liberty, he meets at the Green Dragon. This is so exciting for children, right? 

Advertisement

It’s visual stuff. He makes friends with Ben Franklin, and he’s flying the kite. Dramatically rides on the midnight ride with Paul Revere. He and his dog, his little dog, are with him for all the adventures. And of course, he crosses the Delaware with George Washington. And I wanted to make the signing of the Declaration of Independence and the writing of it something that was dynamic and exciting visually. So I have him swinging on the Liberty Bell when the declaration is signed.”

Paul worked closely with the illustrator, Marika Monesi, to bring the events of America’s founding to life in an engaging and visually appealing way for children.

The Liberty Bell, originally saved from the British by Lynnport farmer Frederick Leaser, sits in its Philadelphia shrine. (iStock)

“She really captured the excitement on the little boy’s face, his personality, but I worked very close with her,” Paul said. “I wanted there to be a lot of movement, a lot of dynamic images. So, for example, with the Liberty Bell, for kids, a bunch of men standing around writing a document…I wanted to bring it to life. So I said, let’s have him running up to the top of the bell tower in Philadelphia at Freedom Hall and swinging on the Liberty Bell. And she was just such a great artist. With the George Washington scenes, he’s crossing the Delaware because that, again, is so visual. I wanted drive home to children the incredible bravery and courage of our founders, how cold and miserable and hard that war was. 

“Also, I love the illustration that she did of the King of England reading the Declaration of Independence. I have to give my husband Rand a little credit there. On the first couple of drafts that she did, Rand was like, ‘He needs to be fatter. King George was famously fat!’ So it was a lot of fun. It was very collaborative.”

Advertisement

KELLEY PAUL ‘EXHAUSTED AND ANGRY’ THAT THOSE WHO HARASSED HER AND HER HUSBAND FACE NO CHARGES

Part of Paul’s motivation for the book was related to the teaching of American history today, and the controversies therein:

“I do think that we’ve gotten away from really celebrating our founders and our heroes. What they were doing in 1776 was incredibly radical, if you think about it. At that time, everyone accepted the divine right of kings. Everyone accepted hereditary rule. And our founders took Enlightenment ideas from John Locke and philosophers, and they turned it into the framework for a government. The idea of self-government and that our rights come from our Creator, that we have inalienable rights that are given to us by God and not from a king. Those were radical ideas of the time.

Historians say an early draft of the Declaration of Independence offered new insight into how Thomas Jefferson refined the nation’s founding document. (Stock Montage/Stock Montage/Getty Images)

I like to say our founders were the first civil rights heroes, the first civil libertarians. And I think our education system has gotten away from that. They don’t view them in the time that they existed, and suddenly now everything is oppressor versus oppressed narrative. And they are labeled more like colonizers or enslavers, and that’s the only view that they’re looked at, and not as human beings who sacrificed their very lives to write the Declaration of Independence, to form this country…it was an incredible, bold, and courageous act, but it was also an act of moral courage and philosophical courage.”

Advertisement

Ultimately, Paul hopes that her books will stimulate the natural curiosity of America’s youth to learn more about their rich history:

Participants carry the City of Cumberland’s “America 250” parade banner down Baltimore Street during the America 250 parade in downtown Cumberland, Maryland, on June 27, 2026. Spectators line both sides of the street as American and Maryland flags lead the procession. (Fox News Digital/ David Marcus)

“Well, I hope that my books, especially with America’s 250, will spark a lot of questions and that they will give a framework for parents to talk to their kids about the founding of this country. And I hope children from a very, very young age will come away with this idea that they are a part of America’s story, that they as Americans can take pride in the heroism of our revolutionary founders. That as Americans, this is all of our story. So that’s really my goal with the books.”

One of the biggest challenges Paul faced was taking big ideas that may be hard for a four or five-year-old to grasp, like the Declaration of Independence or the Constitution, and distilling them down into an accessible format for kids:

“Well, I try to use language that kids could understand, and very much use simple terms. But if you think about it, it is simple. Our rights come from God. And when he makes friends with Thomas Jefferson, he says, Thomas Jefferson has written this amazing document that says that we can all be free to live our lives the way we choose, and no government can take our rights to, you know, to life, liberty, and the pursuit of happiness away from us. 

Advertisement

He also talks about James Madison and the Bill of Rights and the most important right is freedom of speech. That is that no government can tell you what to say or what not to say.”

Rand Paul, who famously puts Constitutional principles front and center in the public square, also played a key role in the book’s thematic development.

Kelley Paul and her husband Kentucky Republican Sen. Rand Paul. (Courtesy Kelley Paul)

“Rand has been incredibly supportive. I’m just so grateful and blessed to have had an amazing, now 36-year marriage to Rand Paul. And he was very involved. He would read over the drafts and gave me a lot of, like I said, good advice about things in history that he thought I should include. 

CLICK HERE TO DOWNLOAD THE FOX NEWS APP

Advertisement

And I’m also just very grateful to be the daughter-in-law of Ron Paul. And so, I wanted these books to be there for our little grandson who I call ‘my favorite little American’ and help him from an early age be educated in the legacy that, the Paul family has in this country.”

Continue Reading

Politics

Trump ousts bipartisan commission in latest effort to reshape elections before midterm

Published

on

Trump ousts bipartisan commission in latest effort to reshape elections before midterm

President Trump dismissed all remaining members of the bipartisan U.S. Elections Assistance Commission this week, his latest move to assert control over national elections in the final months before midterm voting.

The White House defended the move as justified by a recent U.S. Supreme Court decision handing the president greater authority to reshape independent government agencies, including by replacing appointed leaders.

Democrats and some independent elections experts blasted it as politically motivated, counter to the interests of voters and foolhardy with the November election so close.

“Purging commissioners just months before the midterm elections and further gutting support for our state and local elections officials is a blatant part of his plan to politicize our elections and enable more unlawful and dangerous election interference,” said Sen. Alex Padilla (D-Calif.), the top Democrat on the Senate Rules Committee, which oversees federal elections.

Padilla alleged the dismissals are an attempt by Trump “to dismantle yet another independent guardrail of our democracy designed to keep elections fair and secure.”

Advertisement

A White House official framed the dismissals in starkly different terms, saying the departing commissioners were “not totally aligned with the important task of securing America’s elections and ensuring every legal vote is counted.” It did not say when the president planned to appoint new commissioners.

The four-member commission was created by Congress in 2002 as part of the Help America Vote Act to help states improve their voting systems and voter access. By law, no more than two commissioners may belong to the same political party.

Historically, it has provided voluntary guidance and best practices for voting systems, and served as a sort of clearinghouse for election performance around the country — so that states and localities can learn from one another.

Since 2018, the panel has also disbursed more than $1 billion in election security grants, according to a report by the Bipartisan Policy Center. Those grants are then used to protect IT systems from foreign and domestic cyberattacks, update voting systems, ensure the accuracy of voter rolls and protect the integrity of ballots after they are cast.

Without leadership, the panel cannot take any official action until new members are nominated and confirmed by the Senate.

Advertisement

Benjamin W. Hovland, one of the Democratic commissioners removed by Trump, told NBC News that taking away a key federal agency designed to help state and local election administrators will have a negative effect on already strained elections officials.

“When you’re asking more and more of people without giving them the necessary resources, you know, mistakes happen,” he said.

California Secretary of State Shirley Weber, in a statement to The Times, said Trump was “injecting unnecessary chaos, confusion and instability into the very systems that Americans rely on to make their voices heard,” but that California “will not be intimidated or deterred” from maintaining elections “in which everyone can fairly and securely participate.”

California Atty. Gen Rob Bonta — whose office has already blocked federal agencies from implementing most of Trump’s election orders in court — called Trump’s firings “deeply troubling,” and said his office “will continue to closely monitor any efforts to weaken our democracy and fight back with every tool at our disposal.”

Gov. Gavin Newsom’s office said on X that “Newsom’s election protection efforts become more important by the day” — a reference to his recent push for state legislation that would make it a felony in California for anyone to seize ballots before a vote has been certified.

Advertisement

Newsom had said Thursday that Trump’s efforts to seize control over elections represented a “five-alarm fire” that must be confronted.

Trump’s dismantling of the commission comes as he wages a much broader campaign to rewrite voting rules. He has sought to place new restrictions on mail ballots, to tighten voter ID and proof of citizenship requirements for voters, to subject state voter rolls to federal oversight and purges, and to assert federal control over how and whether the U.S. Postal Service delivers mail ballots.

Much of that agenda, pushed through executive orders and other administrative actions, has been stymied by the courts, while stalling out in Congress, where it lacks support.

Whether Trump’s move to dismantle and reconstitute the commission will prove an effective path to instituting his election agenda remains unclear, experts said.

David Becker, the executive director of the nonpartisan Center for Election Innovation & Research, said the election commission has always had a “very limited mandate,” can’t dictate policy to the states and has no law enforcement powers — meaning Trump’s dismissals will have little real effect on elections.

Advertisement

Rick Hasen, an election law expert and director of the Safeguarding Democracy Project at UCLA Law, wrote that Trump could try to illegally direct the commission to “do his bidding” by amending the federal voter registration form to require proof of citizenship — though that would also have limited effect and would be challenged in court.

Sen. Adam Schiff (D-Calif.) said Trump’s firing of the commissioners was part of a broader effort by the president to “sow distrust in our voting system so he can contest the results if they are not to his liking.”

Kim Alexander, president of the California Voter Foundation, said California has “the most robust standards” for elections in the country, which won’t change with the removal of the commissioners.

Still, she said word of the firings rocketed around a conference of county elections officials in San Diego on Thursday — with some wondering whether the dismissals would threaten federal election funding, and others lamenting the loss of the ousted commissioners’ deep experience.

Dean Logan, head of the L.A. County Registrar-Recorder/County Clerk’s office, said in a statement to The Times that “any sudden change to the support structure for elections in the middle of an election cycle is concerning,” but that California “has a strong local and state foundation for election administration and voting systems support, and that will minimize any potential disruption caused by this action.”

Advertisement

In recent months, Trump has leveraged federal agencies to overhaul the nation’s voting rules in ways no previous president has attempted.

He has repeatedly pressured Republican lawmakers to pass a federal law that would require voters to provide proof of citizenship when they register, show identification when casting a ballot and force states to send voter data to the Department of Homeland Security.

Republican leaders have said the proposed SAVE America Act does not have enough votes to pass in the Senate. The GOP resistance has angered Trump, who on Friday said he was refusing to sign a bipartisan housing bill in protest.

The housing bill, which Trump called a “big yawn” last month, was to become law at midnight Friday without Trump’s signature.

Advertisement
Continue Reading
Advertisement

Trending