Wall Street explodes in anger over tariffs

Billionaire investors are in an unfamiliar position, watching and cringing as tariffs roll on and the stock market reels, write Rob Copeland, Maureen Farrell and Lauren Hirsch from New York

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Wall Street billionaires are not used to being on the outside looking in. But that is where they find themselves after President Donald Trump ignored their appeals to call off his tariff plans which they fear could endanger the economy.

With the backdrop of rapidly mounting stock market losses, Trump's phone has worked every angle — phone calls, social media and even atypically staid shareholder letter — to try to change Trump's mind.

The day after the president announced his most sweeping round of tariffs last week, chief executives from major banks, including Jamie Dimon of JP Morgan Chase, had a private meeting with Commerce Secretary Howard Lutnick organized by a lobbying group in Washington. But Mr. Lutnick was not persuaded to reverse course, three people briefed on the situation disclosed.

Over the weekend, megadonors to Trump's re-election effort tried a different tack, pleading their case in calls to Susie Wiles, the White House chief of staff, and Treasury Secretary Scott Bessent, people familiar with the calls said. Those efforts also came up empty.

By Monday, hedge fund billionaires — many of whom had been loud and proud boosters of Trump's second term — were going public with their cries.

"The global economy is being taken down because of bad math," the hedge fund manager William A. Ackman posted Monday on X. He added: "The President's advisors need to acknowledge their error before April 9th and make a course correction before the President makes a big mistake."

Others chimed in, calling for a stronger fight. Andrew Hall, a billionaire oil trader who has been critical of Trump in the past, said Mr. Ackman is on Instagram like being a Trump supporter who was speaking out about tariffs. "At least he is willing to reverse himself and call out this stupidity," Mr. Hall said of Mr. Ackman. "Where are the other 'financial titans'? Why aren't they speaking up?"

TALK OF A RECESSION