LOn Easter Sunday, former President Donald Trump reignited the debate over tariffs by publicly criticising top business executives who oppose his trade policies.
Taking to Truth Social, Trump dismissed these critics as failures in both business and politics, while declaring himself the ultimate ally of American capitalism.
Trump Doubles Down on Tariffs
In his Sunday post, Trump wrote, “THE BUSINESSMEN WHO CRITICIZE TARIFFS ARE BAD AT BUSINESS, BUT REALLY BAD AT POLITICS.”
He continued, “THEY DON’T UNDERSTAND OR REALIZE THAT I AM THE GREATEST FRIEND THAT AMERICAN CAPITALISM HAS EVER HAD!”
This statement followed his recent implementation of sweeping tariffs targeting over 180 countries.
The initial baseline tariff rate of 10% took effect on April 5.
A second wave of higher tariffs, varying by country, began on April 9 — only for Trump to announce a 90-day pause just hours later.
The move triggered widespread market uncertainty and a significant sell-off.
Business Titans Push Back
Trump didn’t name specific individuals in his post.
However, several high-profile CEOs and entrepreneurs have been vocal in their opposition to the tariffs.
Jamie Dimon, CEO of JPMorgan Chase, told the Financial Times last week that Trump’s tariffs were jeopardising the stability of the global economy and America’s leadership within it.
“I am not worried about the markets as much as I am about keeping the Western world together, free and safe for democracy,” Dimon said.
He acknowledged the presence of unfair trade practices but advised caution, stressing the importance of strong economic ties between democratic nations.
In a separate interview with Fox Business on April 9, Dimon went further, warning that a recession is a “likely outcome” if the tariff strategy continues unchecked.
Mark Cuban Sounds the Alarm
Mark Cuban, billionaire investor and “Shark Tank” star, was another outspoken critic.
On April 2, when Trump first rolled out the tariffs, Cuban posted on Bluesky advising Americans to “buy lots of consumables” before prices surged.
“Even if it’s made in the USA, they will jack up the price and blame it on tariffs,” he warned.
By April 9, Cuban said companies were likely slashing jobs to offset increased inventory costs tied to tariff hikes.
“That’s cash taken from being able to invest or hire,” he said, describing the policy’s ripple effects on business operations.
Even Elon Musk Isn’t on Board
Despite his past support for Trump, Elon Musk also distanced himself from the tariff policy.
Musk advocated for a free-trade zone between the U.S. and Europe and criticised Trump’s trade adviser, Peter Navarro.
Meanwhile, Musk’s brother, Kimbal Musk, was more direct.
“Through his tariff strategy, Trump has implemented a structural, permanent tax on the American consumer,” he wrote on X (formerly Twitter) on April 7.
A Politically Charged Strategy
Trump’s aggressive tariff push is seen as both an economic policy and a political strategy aimed at energising his voter base.
While many of his supporters welcome the hardline stance on trade, industry leaders warn it could hurt economic recovery and job growth.
Despite strong backlash, Trump continues to defend his tariffs as essential for protecting American interests and rebalancing global trade.
The White House has not issued a response to the growing list of corporate dissenters.
Conclusion
Trump’s unapologetic stance highlights the deepening divide between political leadership and corporate America.
As the trade war heats up once again, the real cost — to consumers, businesses, and the broader economy — remains to be seen.