WASHINGTON — As President Donald Trump’s tariffs cause turmoil in global markets, some prominent figures and podcasters who previously supported his campaign are now expressing concerns.
Dave Portnoy, owner of Barstool Sports, hedge fund manager Bill Ackman, and Elon Musk are among those, including some Republicans in Congress, who are voicing opposition to the tariffs scheduled to take effect on Wednesday.
Here’s a summary of their statements:
Ben Shapiro
The conservative commentator, who initially supported Ron DeSantis in the GOP primary before endorsing Trump, stated on the “All-In” podcast on Saturday that he found the justifications for Trump’s tariff proposals to be “contradictory.”
“I believe the rollout of the tariff plan was handled as poorly as possible,” Shapiro commented.
In a video posted on Monday to his YouTube channel with over 7 million subscribers, Shapiro reiterated his argument, stating that the notion that tariffs are beneficial and lead to wealth is “really problematic.”
“The idea that this is inherently positive and strengthens the American economy is misguided,” Shapiro stated. “It’s false. The idea that it will result in a significant return of manufacturing is also untrue.”
Dave Portnoy
“Welcome to Orange Monday,” Portnoy announced on his “Davey Day Trader” financial livestream just before the markets opened this week, emphasizing that his commentary is “without political agenda” and aimed solely at making money.
Following last week’s market downturn, Portnoy reported losses of $7 million “in stocks and crypto,” which he revised on Monday to an estimated $20 million, or up to 15% of his net worth.
However, Portnoy affirmed his continued support for Trump, whom he described as “a smart guy.”
“I believe they possess greater understanding than I do regarding these tariffs. I also think he’s engaging in a high-stakes maneuver,” Portnoy remarked last week on his livestream. “I’m going to stand by him for a few days, a few weeks, and observe how this unfolds.”
Established by Portnoy in 2003 as a free sports and gambling newspaper, Barstool has evolved into a digital platform with hundreds of millions of followers, covering sports, lifestyle, and entertainment. Portnoy has consistently supported Trump since his initial endorsement in 2016, including interviewing the president at the White House in 2020.
Joe Rogan
Rogan, a highly influential podcaster who endorsed Trump just before last year’s election, criticized Trump’s conflict with Canada as “stupid” in March and lamented that Canadians “booed us over tariffs” during sporting events between teams from both countries.
Rogan has also recently disagreed with Trump on other issues, including widespread deportations, describing a recent operation to detain immigrants as “horrific.”
Weeks before Election Day, Rogan recorded a nearly three-hour podcast interview with Trump, providing the Republican nominee with a platform to emphasize the hypermasculine tone that characterized much of his 2024 White House campaign.
Bill Ackman
The pro-Trump hedge fund manager cautioned on X on Sunday that “we are heading for a self-induced, economic nuclear winter” unless Trump adopts a more cautious strategy, comparing the full implementation of tariffs to “economic nuclear war.”
In a subsequent post on Sunday, Ackman criticized Commerce Secretary Howard Lutnick as being “indifferent to the stock market and the economy crashing.” The following day, Ackman apologized for his criticism, suggesting that Lutnick—formerly the head of Cantor Fitzgerald—could potentially benefit from the tariffs due to his firm’s bond investments.
However, the hedge fund manager also reiterated his concerns regarding Trump’s tariffs.
“I am simply frustrated observing what I believe to be a significant policy error unfolding, particularly after our country and the president have made considerable economic progress that is now jeopardized by the tariffs,” he posted on X.
Elon Musk
Even Elon Musk, the billionaire and top advisor to Trump on federal government reform, is expressing reservations about tariffs, noting they could raise costs for his electric car company, Tesla.
“I hope it’s agreed that both Europe and the United States should ideally move, in my view, to a zero-tariff situation, effectively creating a free trade zone between Europe and North America,” Musk said during a video conference with Italian politicians.
On Fox News’ “Sunday Morning Futures,” White House trade advisor Peter Navarro claimed that Musk “doesn’t understand” the situation.
Musk responded on Tuesday, labeling Navarro “truly a moron” and “dumber than a sack of bricks.”
—Associated Press writer Ali Swenson in New York contributed to this report.
