ICYMI: With Recession Looming, Even Former Trump Allies Are Calling for an End to the President’s Economic Chaos

Trump’s erratic and unpopular policy agenda is ushering in a global recession that could decimate families and businesses for years to come

As Wall Street continues its third consecutive day of selloffs due to President Trump’s chaotic tariff policies, many big-name investors, some of whom previously supported the president, are turning on the Trump Administration and its economic agenda. Depending on where the stock market closes today, this could be one of the worst three-day performances in history, mirroring losses during the Great Depression.

American families and businesses are already feeling the pain of Trump’s erratic economic approach as markets tank and retirement accounts shrivel. As the full extent of the damage of the president’s economic mismanagement becomes clear, even billionaire bankers are coming out against him.

CNBC’s survey of CEOs found widespread pessimism about the state of the economy and predicted tariff-induced price increases and job losses. In the anonymous survey, one CEO said, “This is the Trump recession,” while another said, “Disappointingly stupid and illogical. Without faith that our government knows what it is doing, it is impossible for businesses to thrive.” 69% of CEOs surveyed now expect a recession.

Other Wall Street analysts and business leaders, some of whom have been vocal supporters of the president, have spoken publicly about the president’s tariffs and his mishandling of the economy:

• Bill Ackman, Trump ally and founder and CEO of hedge fund Pershing Square Capital Management, took to social media to warn of a “self-induced economic nuclear winter” if Trump goes through with his timeline for tariffs. He noted, “This is not what we voted for.”
• Stan Druckenmiller, a major investor and longtime Republican backtracked on his previous support for Trump’s economic agenda – including his tariff policies – in a rare social media post.
• Jamie Dimon, CEO of JPMorgan Chase, used his annual letter today to warn of Trump’s tariffs, writing, “Whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth.”
• Clifford Asness, the chief of AQR Capital Management, attacked Republicans trying to defend the president’s actions as “feckless toadies willing to say the most ignorant things to please their dear leader.”
• Jay Hatfield, the CEO of Infrastructure Capital Advisors, expressed his frustration, saying, “This is unambiguously stupid,” and, “It’s a five-alarm fire. There’s no argument for creating a trade war whatsoever.”
• Evan Brown, head of multi-asset strategy at UBS Asset Management, described that across the economy, there will be pain: “Pain for markets, pain for consumers, pain for businesses in this country.”

On Friday, Groundwork Collaborative Executive Director Lindsay Owens responded to the market downturn:

“Trump has officially brought the economy to its knees. The president singlehandedly wiped out Americans’ retirement savings overnight and subjected businesses to intense whiplash with his increasingly erratic and chaotic policies that continue to drive consumer and business uncertainty. To call this an economic downturn is an understatement; Trump is marching us straight into a depression.”

Email press@groundworkcollaborative.org to speak with a Groundwork expert about President Trump’s stewardship of the economy and tariffs.