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WASHINGTON — As President Donald Trump’s tariffs disrupt international markets, voices of dissent are emerging from notable supporters of his administration.
Dave Portnoy, the founder of Barstool Sports, hedge fund CEO Bill Ackman, and notable entrepreneur Elon Musk are among those raising concerns, joining a faction of Republican lawmakers who are voicing opposition to the impending tariffs that are scheduled to take effect soon.
Following the recent drops in the market, Portnoy expressed frustration over his financial losses, which he estimated at $7 million in stocks and cryptocurrency, potentially rising to about $20 million or a significant portion of his wealth. Despite his losses, Portnoy maintains his support for Trump, asserting that he believes the president is strategically managing complex economic challenges.
“I still believe they have a better understanding of the tariff situation than I do. It’s a high-stakes situation, and I’m willing to wait and see how it unfolds,” he remarked during his financial livestream. Over the years, Barstool has evolved from a local sports paper into a major digital media platform, thanks in part to Portnoy’s vocal advocacy for Trump, which began in 2016.
Podcast behemoth Joe Rogan, who publicly endorsed Trump before last year’s election, has also voiced criticism of recent policy decisions, labeling the ongoing tariff disputes with Canada as “counterproductive.” Rogan noted that these tensions have led to negative receptions from Canadian audiences during sports events.
Moreover, Rogan has distanced himself from some of Trump’s policies, particularly in terms of immigration practices, which he criticized as “inhumane.” Just weeks from the upcoming election, he engaged Trump in a lengthy podcast discussion that encapsulated the assertive attitude of the Republican candidate’s campaign.
Hedge fund manager Ackman cautioned over the weekend that the economic landscape could face a “self-induced recession” if Trump continued on the current path regarding tariffs. In a series of posts, he equated the potential ramifications of these tariffs to initiating an “economic war.”
After criticizing Commerce Secretary Howard Lutnick for appearing disconnected from market realities, he later walked back his remarks but reiterated his worries about the tariffs and their potential to undermine economic stability.
Musk, who serves as a key advisor to the Trump administration on trade and economic restructuring, has emphasized the need for a reduction in tariffs altogether, proposing a collaborative free trade initiative between the U.S. and Europe. His critical stance was met with pushback from certain administration officials, suggesting a rift in the administration’s approach to trade.
On television, trade adviser Peter Navarro claimed Musk does not fully comprehend the implications of the current economic strategy. Musk retorted by criticizing Navarro personally, indicating the tensions within Trump’s circle regarding trade policies.
Source
abcnews.go.com