As President Donald Trump’s controversial tariffs kicked in, an unsettling wave of concern swept through America’s billionaire elite, with even some of his staunchest supporters, including Elon Musk, voicing their trepidation about the economic implications.

Billionaire Losses Soar in Market Turmoil

In just one day following the tariff announcement, Trump’s top ten billionaire backers collectively saw losses exceeding $10 billion in the stock market. This was merely a fraction of the staggering $270 billion wiped off the global billionaire wealth as stocks plummeted. Notable casualties included tech giants like Mark Zuckerberg, Jeff Bezos, and Larry Ellison, who were among those hardest hit by the market chaos.

Criticism from Allies and Family Members

Kimbal Musk, Elon’s brother, didn’t hold back, labeling Trump as "the most high tax American President in generations." He condemned the tariffs as a structural burden on American consumers, equating them to a permanent tax.

Divided Opinions Among Billionaires

Not all billionaires are united in their condemnation. Some defend Trump, while others, like billionaire investor Thomas Peterffy, criticize their fellow tycoons for being short-sighted and self-serving. He slammed them for prioritizing immediate financial concerns over long-term economic stability.

Trump Stands Firm Amidst Turmoil

Despite escalating criticism and market chaos, Trump remains steadfast in his tariff strategy. He took to Truth Social, urging patience with a message that everything will "work out well," asserting that these tariffs are essential for rebalancing U.S. trade.

Allies Express Concerns Over Economic Impact

The fallout of Trump’s tariffs has also drawn ire from an unlikely group: his usual political allies. High-profile conservatives like podcaster Joe Rogan have denounced the tariffs as "stupid," while others like Sen. Thom Tillis voiced concerns about the potential for business bankruptcies stemming from these policies.

Negotiation or Continued Conflict?

While Trump hints at potential negotiations to amend the tariffs—perhaps starting with Japan—he has dismissed any notion of pausing their implementation. Legislative challenges are emerging, as there’s bipartisan support for measures requiring congressional approval for any future tariffs.

The Road Ahead for Trump's Tariffs

With growing pressure from both the business community and lawmakers against these policies, the future of Trump's tariffs remains uncertain. As entrepreneurs brace for ongoing economic turbulence, the possibility of significant legal challenges looms on the horizon.

A Promise of Protectionism

These tariffs, introduced during Trump’s "Liberation Day" event, signal a critical juncture in U.S. trade policy, fulfilling a long-standing promise to restore domestic manufacturing and retaliate against countries perceived as taking advantage of American economic interests. However, experts and billionaires alike warn of the inherent risks these strategies pose to U.S. consumers and the broader economy.