Latest news with #2025ForbesIconoclastSummit
Mint
3 days ago
- Business
- Mint
Citadel's Ken Griffin warns of Trump tariffs 'taking a toll' on US economy: Here's what the billionaire said
Hedge fund billionaire Ken Griffin, one of Wall Street's most prominent Republicans, expressed frustration about President Donald Trump's 'anti-growth' tariff agenda and its impact on U.S. economic growth at Thursday's 2025 Forbes Iconoclast Summit. Citadel CEO Ken Griffin, a billionaire supporter of President Donald Trump and a megadonor to Republican candidates, had some unusually harsh words for the president about his trade war: It's hurting America's standing in the world and eroding the nation's brand. 'The United States was more than just a nation. It's a brand. It's a universal brand, whether it's our culture, our financial strength, our military strength …. America rose beyond just being a country,' Griffin said Wednesday at the Semafor World Economy Summit in Washington. 'It was like an aspiration for most the world. And we're eroding that brand right now.' Griffin, founder of one of the largest hedge funds in the world, said that traders are concerned about parking their investments in the United States — particularly US Treasury bonds — because Trump's tariffs have destroyed faith that America will remain a trusted and rational actor in global financial markets. 'Unfortunately, the last few months have been characterized by a set of policy decisions that have rendered a great deal of uncertainty, have called into question American exceptionalism,' Griffin, founder of the Citadel hedge fund and market maker Citadel Securities, told Forbes editor-at-large and Iconoclast founder Maneet Ahuja. Griffin said his firm cut in half its estimates of 2025 growth since Trump took office, explaining the tariffs have 'taken their toll already on our economy.' 'The administration's attempts to use tariffs comes at a dear price to the U.S. economy and comes at a dear price to the U.S. consumer,' added Griffin. 'Why are we aspiring to be the nation of the lowest cost and lowest paid workforce in the world? That makes no sense to me,' Griffin quipped about Trump's push to onshore manufacturing of low-cost goods. Griffin said that shows Trump and his advisers have their work cut out for them to right the perceived wrongs of the damaging trade war.
Forbes
3 days ago
- Business
- Forbes
Billionaire Ken Griffin Criticizes Trump's Tariffs, Manufacturing Policies
Hedge fund billionaire Ken Griffin, one of Wall Street's most prominent Republicans, expressed frustration about President Donald Trump's 'anti-growth' tariff agenda and its impact on U.S. economic growth at Thursday's 2025 Forbes Iconoclast Summit. 'Unfortunately, the last few months have been characterized by a set of policy decisions that have rendered a great deal of uncertainty, have called into question American exceptionalism,' Griffin, founder of the Citadel hedge fund and market maker Citadel Securities, told Forbes editor-at-large and Iconoclast founder Maneet Ahuja. Griffin said his firm cut in half its estimates of 2025 growth since Trump took office, explaining the tariffs have 'taken their toll already on our economy.' 'The administration's attempts to use tariffs comes at a dear price to the U.S. economy and comes at a dear price to the U.S. consumer,' added Griffin. 'Why are we aspiring to be the nation of the lowest cost and lowest paid workforce in the world? That makes no sense to me,' Griffin quipped about Trump's push to onshore manufacturing of low-cost goods. 'Shame on the administration for criticizing [an] American CEO—who has done an extraordinary job of helping to have people get more for their dollar, more for the hours they work—for just being honest.' Griffin said Thursday about Trump's criticism of Walmart after its CEO Doug McMillon warned of raising prices in response to higher import costs. A 1989 graduate of Harvard University, Griffin is worth $44.5 billion, according to our latest estimates. That makes him the 32nd-richest person in the world and the 20th-richest American. Griffin is the most profitable hedge fund manager in history, overseeing $83 billion in net gains at Citadel from its inception through 2024, according to LCH Investments. Historically one of the most prolific GOP donors, Griffin did not publicly support Trump prior to the 2024 election, though the Citadel founder said in December he did vote for the now president. In October, Griffin shared he wouldn't vote with a 'smile on my face' as both Trump and former Vice President Kamala Harris aren't 'going to receive an award for the quality of their policies' or 'the quality of their leadership.'
