Trump's Tariff Plan Sparks Backlash From Allies, Exposing Cracks in His Support Base

What was once a solid wall of support for President Donald Trump among wealthy donors, business leaders, and conservative influencers is beginning to show signs of strain as backlash mounts over his sweeping new retaliatory tariffs.

Trump’s second inauguration drew a star-studded list of billionaire allies—many of whom supported his campaign and inaugural festivities. But just days after his administration announced steep tariffs on more than 180 global trading partners, some of those backers are speaking out.

Among the most prominent critics is Elon Musk, the world’s richest man and a close Trump adviser. Musk had previously avoided commenting on trade policy, but over the weekend he turned his fire on White House trade adviser Peter Navarro, calling him “out of touch with reality and obsessed with theory,” and mocking his Harvard Ph.D. as a liability rather than a credential. “Every disaster in U.S. history has had someone from Harvard behind it,” Musk posted, quoting conservative economist Thomas Sowell.

Hedge fund billionaire Bill Ackman also broke ranks, comparing the trade war to “economic nuclear war” and saying, “This is not what we voted for.” He criticized the administration’s tariff formula—based on trade deficits—as flawed and warned that it could lead to unpredictable economic fallout. Ackman urged the White House to rethink its plan before the second phase of tariffs, with rates as high as 50%, kicks in on April 9.

The criticism extended to Commerce Secretary Howard Lutnick, whom Ackman accused of having “a massive conflict of interest” due to private investments that could benefit from an economic downturn.

Currently, about half of the 180 targeted economies face a blanket 10% tariff effective April 5, while major U.S. trading partners like the European Union and China face tariffs as high as 50%. Trump has already threatened to raise duties on Chinese goods further if Beijing does not roll back its retaliatory tariffs.

The backlash marks a notable shift from the united front Trump enjoyed during the first two and a half months of his second term. Many business leaders and GOP influencers had largely supported the administration’s efforts to downsize the federal government, tighten immigration enforcement, and take a hardline stance on Europe. But the tariffs are hitting close to home—and pocketbook.

Jamie Dimon, CEO of JPMorgan Chase and one of Wall Street’s most influential voices, warned in his annual letter to shareholders that the new tariffs would likely drive inflation and heighten the risk of recession. “These tariffs will raise prices and force companies to make tough decisions,” he wrote on April 7.

David Ricks, CEO of pharmaceutical giant Eli Lilly, issued a stark warning that tariffs could force companies to cut back on R&D and staffing. His tone was a sharp departure from just weeks earlier, when he joined Trump officials to announce a $27 billion expansion in domestic manufacturing.

Meanwhile, trade groups including the National Association of Manufacturers began speaking out last week, warning that Trump’s trade war could damage the very companies his policies aim to help.

Influential right-wing media personalities—once eager to champion Trump’s agenda—are now voicing concern. Podcast host Ben Shapiro called Trump’s trade vision “deeply flawed,” warning it amounted to “a tax hike on American consumers.” Barstool Sports founder Dave Portnoy, a vocal Trump backer, said he lost $7 million in stocks and crypto due to the tariffs and admitted he couldn’t understand the administration’s trade math.

Republican lawmakers are also growing uneasy. “People are getting nervous. There’s already a bit of panic,” said Sen. Kevin Cramer (R-ND), noting that even the most diehard Trump supporters may turn if the economic pain continues.

Still, most Republicans are sticking by Trump—for now. On April 5, 51 GOP senators voted to pass a budget resolution that includes the president’s key priorities: sweeping domestic tax cuts and increased border security funding.

“I love President Trump. I think he’s doing incredible things,” said Sen. Ted Cruz (R-TX). But even Cruz acknowledged the risks: “Tariffs are still taxes. And American consumers are the ones who pay.”

Despite the mounting criticism, Trump has shown no signs of backing down. “We’re going to get fair and beautiful deals with every country,” he said. “And if we don’t—we’ll have nothing to do with them.”

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