Wall Street billionaires are not accustomed to being excluded from decision-making circles.
But after U.S. President Trump ignored their calls to cancel tariff plans, they found themselves in an awkward situation. These financial tycoons are worried that Trump's tariff policies could jeopardize the U.S. economy.
As U.S. stock market losses rapidly expanded, corporate giants tried various methods—making phone calls, using social media, and even writing serious shareholder letters—to try to change Trump's mind.
The day after Trump announced the latest comprehensive tariffs, multiple bank CEOs, including Jamie Dimon from JPMorgan Chase, arranged a private meeting with Commerce Secretary Howard Lutnick through a Washington lobbying group.
However, three informed sources revealed that Lutnick was not persuaded to change his stance.
Last weekend, Trump's primary donors tried another strategy, calling White House Chief of Staff Susie Wiles and Treasury Secretary Scott Bessent to lobby. According to informed sources, these efforts also ended in vain.
By Monday, hedge fund billionaires—many of whom were high-profile supporters of Trump's second term—began publicly expressing dissatisfaction.
"The global economy is declining due to poor mathematical calculations," hedge fund manager William A. Ackman wrote on X on Monday morning, "The president's advisors need to admit their mistake before April 9th and adjust their direction before making a big error."
Others joined in, calling for more forceful rebuttal measures.
Billionaire oil trader Andrew Hall, who had previously criticized Trump, liked Ackman's post on Instagram: "At least he is willing to change his stance and point out this stupid behavior. Where are the other 'financial giants'? Why aren't they speaking up?"
Indeed, a few people were speaking out, albeit in a more nuanced manner. JPMorgan Chase CEO Dimon addressed the issue in a letter to investors on Monday morning, stating that tariffs could suppress consumer and investor confidence and hinder economic growth. Dimon, who had somewhat affirmed tariff policies in the days following Trump's election, did not warn of a severe recession but said the volatility was making many people consider the increased possibility of an economic downturn.
BlackRock Chairman Laurence D. Fink was more direct at a luncheon at the New York Economic Club on Monday, warning: "The economy is weakening before our eyes."
In his first public comment on tariffs, Fink also predicted that consumers would feel the pain of tariffs and used Barbie dolls as an example of potential price increases. "Most CEOs I've spoken with would say we may already be in a recession," he told attendees.
This situation shocked financial experts who were once able to influence two presidents' decisions. What was particularly disturbing was that during Trump's first term, he often used stock market rises as a measure of success. "I'm not sure if Wall Street can change the president's mind," said Robert Wolf, former chairman of UBS Americas, "but I hope his donors and Mar-a-Lago friends will speak out against this wrong approach."
On Monday morning, there was a brief moment when Wall Street seemed to have swayed Trump. A report about his plan to pause tariffs caused the stock market to shift from steep declines to rises. However, after the White House denied the report and Trump reaffirmed his commitment to tariffs, the S&P 500 ultimately fell 0.2% that day. The index was down nearly 18% from its mid-February peak and on the edge of a bear market.
Source: New York Times, data as of 4:20 PM Eastern Time on April 10
White House spokesperson Kush Desai stated in a statement: "The Trump administration maintains regular communication with business leaders, industry groups, and ordinary Americans, especially on major policy decisions like reciprocal tariff actions." "But the only special interest guiding President Trump's decisions is the best interest of the American people—such as addressing long-term trade deficits."
[The rest of the translation follows the same approach, maintaining the original structure and meaning while translating to English.]
