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Can Trump’s billionaire backers pull him back from the tariff cliff?
Los Angeles Times ^ | April 9, 2025 3 AM PT | Michael Hiltzik

Posted on 04/09/2025 2:11:51 PM PDT by E. Pluribus Unum

Many of America’s billionaires and millionaires thought they knew how they would profit from a second Trump term: There would be tax cuts and deregulation and an end to bothersome government investigations.

In other words, a White House sedulously attuned to their interests.

What they didn’t count on, however, was a chaotic and nonsensical tariff policy that threatens to plunge their investment holdings into a bear market — or in some cases, has already done so — and to unravel the global economy in which they made all their money.

Now, many of his erstwhile supporters among America’s plutocrats are screaming for mercy. In interviews and social media postings, and in one case even via a federal lawsuit, they’ve been calling on him to roll back his tariff plans or at least to pause them for several months.

Is he listening? So far, he hasn’t indicated a change in strategy. Whether Trump is open to persuasion or his White House sits behind a figurative barrier against criticism, like the Coulomb barrier that repels protons from an atomic nucleus until they reach a high energy level, isn’t known.

Criticism of the tariffs by Trump’s wealthier supporters has emerged as the investment markets continue to reel over Trump’s tariff plans and his apparent resistance to moderating the levies or his anti-free-trade rhetoric.

One can’t pretend that Trump’s backers haven’t been speaking clearly. Let’s listen in on the backlash from billionaires and the billionaire-adjacent.

Among the most vociferous is Ken Langone, the co-founder of Home Depot. Langone, whose net worth is estimated at about $9.5 billion by Forbes, is a Trump backer whose political contributions have gone mostly to Republicans, including a $500,000 donation last year to the GOP’s Senate Leadership Fund.

(Excerpt) Read more at latimes.com ...


TOPICS: Business/Economy; Foreign Affairs; Government; Politics/Elections
KEYWORDS:
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It's touching how concerned Mr. Hiltzik is for the welfare of billionaires.
1 posted on 04/09/2025 2:11:51 PM PDT by E. Pluribus Unum
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To: E. Pluribus Unum

And it’s also touching how much they are worried about our future all of a sudden......tells me we are on the exact right trajectory.


2 posted on 04/09/2025 2:13:31 PM PDT by V_TWIN (America...so great even the people that hate it refuse to leave!)
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To: E. Pluribus Unum

What a bunch of horse BS! President Trump is the master of the deal. He gets things done. Over 70 countries are in line to meet with him and discuss lowering the tariffs they charge us. Now that is smart!


3 posted on 04/09/2025 2:14:41 PM PDT by roadcat ( )
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To: E. Pluribus Unum

Here’s your author right here....not exactly unbiased and lacks basic character if you ask me:

“Sockpuppet suspension

In 2006, Hiltzik was suspended without pay from the LA Times for sockpuppeting on his blog “The Golden State”. Hiltzik admitted to posting under false names on multiple sites, using the pseudonym “Mikekoshi” to criticize commentators Hugh Hewitt and Patrick Frey.”


4 posted on 04/09/2025 2:17:25 PM PDT by V_TWIN (America...so great even the people that hate it refuse to leave!)
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To: E. Pluribus Unum

5 posted on 04/09/2025 2:18:48 PM PDT by Pollard (Zone 6b)
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To: V_TWIN

Does anyone believe this?


6 posted on 04/09/2025 2:19:25 PM PDT by ActresponsiblyinVA
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To: roadcat

LA Times is having crow for dinner tonight.


7 posted on 04/09/2025 2:20:03 PM PDT by Rodm
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To: E. Pluribus Unum

The Leftwing media — always looking out for the little guy! [/s]


8 posted on 04/09/2025 2:25:29 PM PDT by ClearCase_guy
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To: roadcat

Say you want $20 a week allowance from your old man. You know if you ask for 20, you’ll get 10 and he’ll dig in his heels.

Now suppose you’re Donald Trump. You know if you ask for $40, you’ll get laughed out of the room, so you ask for a meeting with your father and show him a detailed breakdown of how you really need $32.50 a week. He’s skeptical but intrigued by your analysis so a discussion follows. You give a little, he gives a little, and you end up with $25 a week...which is $5 more than you wanted in the first place!

That’s the Art of the Deal.


9 posted on 04/09/2025 2:25:54 PM PDT by bigbob (Yes. We ARE going back!)
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To: E. Pluribus Unum

Another financial experts who can’t see past the end of his nose.

These idjuts are coming out of the woodwork.


10 posted on 04/09/2025 2:27:16 PM PDT by Responsibility2nd (Nobody elected Elon Musk? Well nobody elected the Deep State either.)
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To: E. Pluribus Unum
All is well little Mikey, it will work itself out. Go find yourself a bowl of cereal and calm yourself before you wet your pants.


11 posted on 04/09/2025 2:30:57 PM PDT by DAC21
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To: E. Pluribus Unum

It’s amazing watching committed commies like Michael Hiltzik turn into rabid free traders.


12 posted on 04/09/2025 2:32:01 PM PDT by absalom01 (of)
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To: E. Pluribus Unum
Can Trump’s billionaire backers pull him back from the tariff cliff?

The leftwing activist who wrote this piece of garbage would have us believe the "Party of the Little Guy" has no billionaire backers.
13 posted on 04/09/2025 2:33:47 PM PDT by Dan in Wichita
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To: roadcat

truth: MSM is not worried that the Tariffs won’t work, they are worried that they will.


14 posted on 04/09/2025 2:35:07 PM PDT by gibsonguy
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To: bigbob
That’s the Art of the Deal.

You explained it better than I did. When I was a kid, I was stupid, asked my mom and dad for exactly what I wanted, and got less. My sisters were spoiled, always asked for ridiculous amounts, didn't get it all, but got far more than I got. But... I learned to be self-sufficient and work for what I needed. Two of my sisters went bankrupt, a while after my mom was no longer alive to pay off their credit cards.

There's a lesson there, don't get dependent on others because the gravy train might end someday.

15 posted on 04/09/2025 2:37:28 PM PDT by roadcat ( )
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To: E. Pluribus Unum

The total lack of intelligence of these left wing “journalists” is just amazing. They are totally incapable of critical thinking or analysis and rely solely on feeling and ideology.


16 posted on 04/09/2025 2:41:33 PM PDT by falcon99 ( )
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To: E. Pluribus Unum

LA Times admits Trump doesn’t represent the 1%ers.


17 posted on 04/09/2025 2:46:01 PM PDT by NoLibZone (Scary that a party can "run" a candidate that doesn't feel any need to campaign.)
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To: bigbob

Beautifully explained...


18 posted on 04/09/2025 2:51:16 PM PDT by packrat35 (Pureblood! No clot shot for me!)
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To: Dan in Wichita

Considering that most of the billionaires are leftists, I don’t know why they keep publishing billionaire bashing articles...


19 posted on 04/09/2025 2:52:25 PM PDT by packrat35 (Pureblood! No clot shot for me!)
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To: E. Pluribus Unum

“Among the most vociferous is Ken Langone, the co-founder of Home Depot”

My uncle supervised the construction of my mother’s house in 1978. The only foreign thing involved was my uncle himself.


20 posted on 04/09/2025 3:38:59 PM PDT by Brian Griffin
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