Behind closed doors, GOP lawmakers, conservative economists, and former Trump administration officials are expressing deep concern that his proposed tariffs on all imports—and even steeper levies on goods from China—could send shockwaves through the U.S. economy, jacking up consumer prices, spooking markets, and igniting a global trade war.
“This isn’t just a tweak in trade policy. It’s a hand grenade into the heart of the global economy,” said one former senior Trump advisor, speaking on condition of anonymity. “There’s a real risk of an economic nuclear winter if this goes forward unchecked.”
Bill Ackman, an influential hedge fund manager who, as you remember, endorsed Trump, posted on social media Sunday that the president should call a ‘time out’ on tariffs.
“Alternatively, we are heading for a self-induced, economic nuclear winter, and we should start hunkering down. May cooler heads prevail,” the billionaire wrote on X.
Dave Portnoy who owns Barstool Sports, and who is popular with younger male voters, called the ongoing market rout “Orange Monday,” after the president.
“The last three days coming into today has just been, you know, not good,” Portnoy said in a livestream on X, where he has 3.6 million followers. “Don’t call it Black Monday, it’s Orange Monday,” Portnoy said later, after markets had opened. “Trump’s tariffs have absolutely decimated the market. And it’s ugly.”
Podcaster Joe Rogan, another big Trump backer who is popular with young men, earlier criticized Trump’s approach to Canada, which includes big tariffs. Rogan said the feud with Canada is “so ridiculous.”
“Why are we upset at Canada? This is stupid, this over tariffs.”
In usual form, Trump mocked and insulted those who worried about the tariff-driven market rout as “PANICANS,” an apparent amalgam of “panic” and “Americans.”
“Don’t be Weak! Don’t be Stupid! Don’t be a PANICAN (A new party based on Weak and Stupid people!),” the president wrote on Truth Social. “Be Strong, Courageous, and Patient, and GREATNESS will be the result!”
“We support tough trade, but this is a sledgehammer where a scalpel is needed,” said one Republican senator aligned with Trump. “The base might love the sound of it, but Wall Street, small businesses, and working families won’t when they start seeing the price tags.”