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: Bill Clinton Says He ‘Did Nothing Wrong’ in House Epstein Inquiry
new video loaded: Bill Clinton Says He ‘Did Nothing Wrong’ in House Epstein Inquiry
transcript
transcript
Bill Clinton Says He ‘Did Nothing Wrong’ in House Epstein Inquiry
Former President Bill Clinton told members of the House Oversight Committee in a closed-door deposition that he “saw nothing” and had done nothing wrong when he associated with Jeffrey Epstein decades ago.
-
“Cause we don’t know when the video will be out. I don’t know when the transcript will be out. We’ve asked that they be out as quickly as possible.” “I don’t like seeing him deposed, but they certainly went after me a lot more than that.” “Republicans have now set a new precedent, which is to bring in presidents and former presidents to testify. So we’re once again going to make that call that we did yesterday. We are now asking and demanding that President Trump officially come in and testify in front of the Oversight Committee.” “Ranking Member Garcia asked President Clinton, quote, ‘Should President Trump be called to answer questions from this committee?’ And President Clinton said, that’s for you to decide. And the president went on to say that the President Trump has never said anything to me to make me think he was involved. “The way Chairman Comer described it, I don’t think is a complete, accurate description of what actually was said. So let’s release the full transcript.”
By Jackeline Luna
February 27, 2026
Politics
ICE blasts Washington mayor over directive restricting immigration enforcement
NEWYou can now listen to Fox News articles!
U.S. Immigration and Customs Enforcement (ICE) accused Everett, Washington, Mayor Cassie Franklin of escalating tensions with federal authorities after she issued a directive limiting immigration enforcement in the city.
Franklin issued a mayoral directive this week establishing citywide protocols for staff, including law enforcement, that restrict federal immigration agents from entering non-public areas of city buildings without a judicial warrant.
“We’ve heard directly from residents who are afraid to leave their houses because of the concerning immigration activity happening locally and across our country. It’s heartbreaking to see the impacts on Everett families and businesses,” Franklin said in a statement.
“With this directive, we are setting clear protocols, protecting access to services and reinforcing our commitment to serving the entire community.”
ICE blasted the directive Friday, writing on X it “escalates tension and directs city law enforcement to intervene with ICE operations at their own discretion,” thereby “putting everyone at greater risk.”
Mayor Cassie Franklin said her new citywide immigration enforcement protocols are intended to protect residents and ensure access to services, while ICE accused her of escalating tensions with federal authorities. (Google Maps)
ICE said Franklin was directing city workers to “impede ICE operations and expose the location of ICE officers and agents.”
“Working AGAINST ICE forces federal teams into the community searching for criminal illegal aliens released from local jails — INCREASING THE FEDERAL PRESENCE,” the agency said. “Working with ICE reduces the federal presence.”
“If Mayor Franklin wanted to protect the people she claims to serve, she’d empower the city police with an ICE 287g partnership — instead she serves criminal illegal aliens,” ICE added.
DHS, WHITE HOUSE MOCK CHICAGO’S LAWSUIT OVER ICE: ‘MIRACULOUSLY REDISCOVERED THE 10TH AMENDMENT’
U.S. Immigration and Customs Enforcement blasted Everett’s mayor after she issued a directive restricting federal agents from accessing non-public areas of city facilities without a warrant. (Victor J. Blue/Bloomberg via Getty Images)
During a city council meeting where she announced the policy, Franklin said “federal immigration enforcement is causing real fear for Everett residents.”
“It’s been heartbreaking to see the racial profiling that’s having an impact on Everett families and businesses,” she said. “We know there are kids staying home from school, people not going to work or people not going about their day, dining out or shopping for essentials.”
The mayor’s directive covers four main areas, including restricting federal immigration agents from accessing non-public areas of city buildings without a warrant, requiring immediate reporting of enforcement activity on city property and mandating clear signage to enforce access limits.
BLOCKING ICE COOPERATION FUELED MINNESOTA UNREST, OFFICIALS WARN AS VIRGINIA REVERSES COURSE
Everett, Wash., Mayor Cassie Franklin said her new directive is aimed at protecting residents amid heightened immigration enforcement activity. (iStock)
It also calls for an internal policy review and staff training, including the creation of an Interdepartmental Response Team and updated immigration enforcement protocols to ensure compliance with state law.
Franklin directed city staff to expand partnerships with community leaders, advocacy groups and regional governments to coordinate responses to immigration enforcement, while promoting immigrant-owned businesses and providing workplace protections and “know your rights” resources.
The mayor also reaffirmed a commitment to “constitutional policing and best practices,” stating that the police department will comply with state law barring participation in civil immigration enforcement. The directive outlines protocols for documenting interactions with federal officials, reviewing records requests and strengthening privacy safeguards and technology audits.
CLICK HERE TO DOWNLOAD THE FOX NEWS APP
Everett, Wash., Mayor Cassie Franklin issued a directive limiting federal immigration enforcement in city facilities. (iStock)
“We want everyone in the city of Everett to feel safe calling 911 when they need help and to know that Everett Police will not ask about your immigration status,” Franklin said during the council meeting. ”I also expect our officers to intervene if it’s safe to do so to protect our residents when they witness federal officers using unnecessary force.”
Fox News Digital has reached out to Mayor Franklin’s office and ICE for comment.
Politics
Power, politics and a $2.8-billion exit: How Paramount topped Netflix to win Warner Bros.
The morning after Netflix clinched its deal to buy Warner Bros., Paramount Skydance Chairman David Ellison assembled a war room of trusted advisors, including his billionaire father, Larry Ellison.
Furious at Warner Bros. Discovery Chief David Zaslav for ending the auction, the Ellisons and their team began plotting their comeback on that crisp December day.
To rattle Warner Bros. Discovery and its investors, they launched a three-front campaign: a lawsuit, a hostile takeover bid and direct lobbying of the Trump administration and Republicans in Congress.
“There was a master battle plan — and it was extremely disciplined,” said one auction insider who was not authorized to comment publicly.
Netflix stunned the industry late Thursday by pulling out of the bidding, clearing the way for Paramount to claim the company that owns HBO, HBO Max, CNN, TBS, Food Network and the Warner Bros. film and television studios in Burbank. The deal was valued at more than $111 billion.
The streaming giant’s reversal came just hours after co-Chief Executive Ted Sarandos met with Atty Gen. Pam Bondi and a deputy at the White House. It was a cordial session, but the Trump officials told Sarandos that his deal was facing significant hurdles in Washington, according to a person close to the administration who was not authorized to comment publicly.
Even before that meeting, the tide had turned for Paramount in a swell of power, politics and brinkmanship.
“Netflix played their cards well; however, Paramount played their cards perfectly,” said Jonathan Miller, chief executive of Integrated Media Co. “They did exactly what they had to do and when they had to do it — which was at the very last moment.”
Key to victory was Larry Ellison, his $200-billion fortune and his connections to President Trump and congressional Republicans.
Paramount also hired Trump’s former antitrust chief, attorney Makan Delrahim, to quarterback the firm’s legal and regulatory action.
Republicans during a Senate hearing this month piled onto Sarandos with complaints about potential monopolistic practices and “woke” programming.
David Ellison skipped that hearing. This week, however, he attended Trump’s State of the Union address in the Capitol chambers, a guest of Sen. Lindsey Graham (R-S.C.). The two men posed, grinning and giving a thumbs-up, for a photo that was posted to Graham’s X account.
David Ellison, the chairman and chief executive of Paramount Skydance Corp., walks through Statuary Hall to the State of the Union address at the U.S. Capitol on Feb. 24, 2026.
(Anna Moneymaker / Getty Images)
On Friday, Netflix said it had received a $2.8-billion payment — a termination fee Paramount agreed to pay to send Netflix on its way.
Long before David Ellison and his family acquired Paramount and CBS last summer, the 43-year-old tech scion and aircraft pilot already had his sights set on Warner Bros. Discovery.
Paramount’s assets, including MTV, Nickelodeon and the Melrose Avenue movie studio, have been fading. Ellison recognized he needed the more robust company — Warner Bros. Discovery — to achieve his ambitions.
“From the very beginning, our pursuit of Warner Bros. Discovery has been guided by a clear purpose: to honor the legacy of two iconic companies while accelerating our vision of building a next-generation media and entertainment company,” David Ellison said in a Friday statement. “We couldn’t be more excited for what’s ahead.”
Warner’s chief, Zaslav, who had initially opposed the Paramount bid, added: “We look forward to working with Paramount to complete this historic transaction.”
Netflix, in a separate statement, said it was unwilling to go beyond its $82.7-billion proposal that Warner board members accepted Dec. 4.
“We believe we would have been strong stewards of Warner Bros.’ iconic brands, and that our deal would have strengthened the entertainment industry and preserved and created more production jobs,” Sarandos and co-Chief Executive Greg Peters said in a statement.
“But this transaction was always a ‘nice to have’ at the right price, not a ‘must have’ at any price,” the Netflix chiefs said.
Netflix may have miscalculated the Ellison family’s determination when it agreed Feb. 16 to allow Paramount back into the bidding.
The Los Gatos, Calif.-based company already had prevailed in the auction, and had an agreement in hand. Its next step was a shareholder vote.
“They didn’t need to let Paramount back in, but there was a lot of pressure on them to make sure the process wouldn’t be challenged,” Miller said.
In addition, Netflix’s stock had also been pummeled — the company had lost a quarter of its value — since investors learned the company was making a Warner run.
Upon news that Netflix had withdrawn, its shares soared Friday nearly 14% to $96.24.
Netflix Chief Executive Ted Sarandos arrives at the White House on Feb. 26, 2026.
(Andrew Leyden / Getty Images)
Invited back into the auction room, Paramount unveiled a much stronger proposal than the one it submitted in December.
The elder Ellison had pledged to personally guarantee the deal, including $45.7 billion in equity required to close the transaction. And if bankers became worried that Paramount was too leveraged, the tech mogul agreed to put in more money in order to secure the bank financing.
That promise assuaged Warner Bros. Discovery board members who had fretted for weeks that they weren’t sure Ellison would sign on the dotted line, according to two people close to the auction who were not authorized to comment.
Paramount’s pressure campaign had been relentless, first winning over theater owners, who expressed alarm over Netflix’s business model that encourages consumers to watch movies in their homes.
During the last two weeks, Sarandos got dragged into two ugly controversies.
First, famed filmmaker James Cameron endorsed Paramount, saying a Netflix takeover would lead to massive job losses in the entertainment industry, which is already reeling from a production slowdown in Southern California that has disrupted the lives of thousands of film industry workers.
Then, a week ago, Trump took aim at Netflix board member Susan Rice, a former high-level Obama and Biden administration official. In a social media post, Trump called Rice a “no talent … political hack,” and said that Netflix must fire her or “pay the consequences.”
The threat underscored the dicey environment for Netflix.
Additionally, Paramount had sowed doubts about Netflix among lawmakers, regulators, Warner investors and ultimately the Warner board.
Paramount assured Warner board members that it had a clear path to win regulatory approval so the deal would quickly be finalized. In a show of confidence, Delrahim filed to win the Justice Department’s blessing in December — even though Paramount didn’t have a deal.
This month, a deadline for the Justice Department to raise issues with Paramount’s proposed Warner takeover passed without comment from the Trump regulators.
“Analysts believe the deal is likely to close,” TD Cowen analysts said in a Friday report. “While Paramount-WBD does present material antitrust risks (higher pay TV prices, lower pay for TV/movie workers), analysts also see a key pro-competitive effect: improved competition in streaming, with Paramount+ and HBO Max representing a materially stronger counterweight to #1 Netflix.”
Throughout the battle, David Ellison relied on support from his father, attorney Delrahim, and three key board members: Oracle Executive Vice Chair Safra A. Catz; RedBird Capital Partners founder Gerry Cardinale; and Justin Hamill, managing director of tech investment firm Silver Lake.
In the final days, David Ellison led an effort to flip Warner board members who had firmly supported Netflix. With Paramount’s improved offer, several began leaning toward the Paramount deal.
On Tuesday, Warner announced that Paramount’s deal was promising.
On Thursday, Warner’s board determined Paramount’s deal had topped Netflix. That’s when Netflix surrendered.
“Paramount had a fulsome, 360-degree approach,” Miller said. “They approached it financially. … They understood the regulatory environment here and abroad in the EU. And they had a game plan for every aspect.”
On Friday, Paramount shares rose 21% to $13.51.
It was a reversal of fortunes for David Ellison, who appeared on CNBC just three days after that war room meeting in December.
“We put the company in play,” David Ellison told the CNBC anchor that day. “We’re really here to finish what we started.”
Times staff writer Ana Cabellos and Business Editor Richard Verrier contributed to this report.
-
World2 days agoExclusive: DeepSeek withholds latest AI model from US chipmakers including Nvidia, sources say
-
Massachusetts3 days agoMother and daughter injured in Taunton house explosion
-
Montana1 week ago2026 MHSA Montana Wrestling State Championship Brackets And Results – FloWrestling
-
Louisiana5 days agoWildfire near Gum Swamp Road in Livingston Parish now under control; more than 200 acres burned
-
Denver, CO3 days ago10 acres charred, 5 injured in Thornton grass fire, evacuation orders lifted
-
Technology1 week agoYouTube TV billing scam emails are hitting inboxes
-
Technology1 week agoStellantis is in a crisis of its own making
-
Politics1 week agoOpenAI didn’t contact police despite employees flagging mass shooter’s concerning chatbot interactions: REPORT