The article details the significant financial losses faced by several billionaires, particularly Elon Musk, following President Trump's trade policies. These losses are attributed to the resulting market fluctuations and damage to Tesla's image caused by Musk's political involvement.
Musk's public criticism of Trump's trade policies and subsequent heated exchange with Trump's trade advisor, Peter Navarro, highlighted the internal disagreement within the White House regarding the economic strategy. This led to a public dispute with Navarro, resulting in harsh insults from Musk.
The article reveals conflicting viewpoints within the Trump administration on trade policies. While some, like Navarro, advocate for protectionist measures, others suggest that the threats of tariffs are a negotiating tactic. This internal conflict is creating uncertainty in the market.
The uncertainty surrounding Trump's trade policies is causing significant concern among financial markets and CEOs, leading to calls for a pause in tariffs. Prominent figures like Bill Ackman and Ken Fisher expressed their worries about the escalating trade war, describing it as an “economic nuclear winter” and “extremely bad policy”.
The article concludes by noting Trump's apparent response to this pressure. He has temporarily suspended some tariffs and significantly lowered them for several countries, suggesting that he is sensitive to the concerns of major financial players.