Major donors to Donald Trump and the Republican party have started turning on the president following his global tariffs.
Last week, the US president announced worldwide tariffs on goods entering America, including a 10% universal tariff on all goods and higher rates for the likes of China and the EU, who Trump labelled ‘the worst offenders.’
The tariffs sparked an immediate drop in stock markets across the globe, a trend which has continued into this week, and led some to suggest Trump was “having his Liz Truss moment.”
And some of his biggest donors are now also turning their back on Trump and his policies.
Speaking to Rolling Stone, one “big Trump and Republican Party donor” suggested he would be less worried about the economy if Bernie Sanders were president.
He told the publication: “I am not willing to go public yet but I will say this: I don’t know if I would be this worried about what will happen to the economy if Bernie f***ing Sanders were president […] That’s how bad this is, and there’s very little time to fix the situation and turn the ship around.”
Meanwhile, billionaire Trump backer Bill Ackman has taken to social media to urge the president to reverse his tariffs policy.
In a lengthy post on X, the hedge fund manager said the president should take three months to allow countries to renegotiate their trading relationships with the US.
He warned that the world could be faced with a “self-induced, economic nuclear winter” if not.
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