🚀 US business leaders criticize Trump's tariffs

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Ford CEO Jim Farley warned that President Trump’s 25% tariffs on steel, aluminum, and potential levies on Mexico and Canada are causing “a lot of cost and a lot of chaos” for the auto industry. Speaking at a Wolfe Research conference, Farley said the uncertainty threatens U.S. manufacturing, calling a long-term 25% tariff “devastating.” While Ford primarily sources materials domestically, supply chain disruptions could drive up costs. Farley plans to meet with lawmakers in D.C. to push for a more “comprehensive” trade approach, criticizing lower tariffs on imports from Japan and South Korea compared to Trump’s proposed duties on North American partners.

2. Federal Reserve Chair Jerome Powell told the Senate Banking Committee that the central bank is in no rush to cut interest rates, emphasizing the need to balance inflation control with economic stability. While acknowledging inflation is easing, Powell noted it remains above the Fed’s 2% target, and lowering rates too quickly could hinder progress. He also clarified that trade policy, including Trump’s proposed tariffs, is not the Fed’s responsibility but acknowledged its economic impact. Markets now expect the Fed to hold rates steady until at least summer, with Powell suggesting mortgage rates could decline over time, though not immediately.

3. Citadel CEO Ken Griffin criticized President Trump’s aggressive trade rhetoric, warning that it is eroding trust in the U.S. as a reliable trade partner and making long-term investments riskier for multinational corporations. Speaking at a UBS conference, Griffin, a former Trump supporter and GOP megadonor, called Trump’s approach a “huge mistake,” arguing that sudden policy shifts, like the newly imposed 25% tariffs on steel and aluminum, create uncertainty for businesses planning decades ahead. He also cautioned that protectionist policies could lead to crony capitalism, distorting economic competition.

4. Headlines

   1. Intel shares rose as Vice President Vance promised that the government would work to protect and grow American AI and semiconductor companies.

   2. The UK and US have not signed onto the international AI accord in Paris.

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Liam Gill