Billionaire investor Ken Langone, a major Republican donor, has sharply criticized President Trump’s tariff policies, calling them “bulls****.” Langone, who co-founded Home Depot, slammed the Trump administration’s approach to tariffs as illogical and damaging.
“I don’t understand the goddamn formula,” Langone told the Financial Times, expressing confusion over how the tariffs were calculated. He was particularly upset with the 46 percent tariff on Vietnam and the 34 percent tariff on China. Langone argued that the tariffs were “too aggressive, too soon,” adding, “Forty-six percent on Vietnam? Come on! You might as well tell them, ‘Don’t even bother calling.’”
The tariffs, which Trump imposed on most countries except Russia, have caused turmoil in global markets. After Trump’s announcement, Wall Street suffered its largest drop since the COVID-19 pandemic, with $3.1 trillion lost. The S&P 500 has fallen about 10 percent since Trump’s “Liberation Day,” and the Dow Jones Industrial Average continued to slide.
Langone believes a more measured approach would have worked better. Instead of sweeping tariffs, he suggested a flat 10 percent tariff on all imports, followed by negotiations with individual countries.
Langone also criticized Trump’s advisers, saying they miscalculated the impact of the tariffs. “I believe he’s been poorly advised by his advisers about this trade situation – and the formula they’re applying,” he said.
While Langone supports some of Trump’s policies, he disagrees with the timing and scale of the tariffs. “I have a different read on when I do it, how I do it, and of course, what breath would I do it. I wouldn’t take on everything all at once,” Langone explained.
Despite his criticism, Langone believes that Trump will eventually engage in bilateral talks to resolve the trade tensions. “I think it’ll work,” he said, though he acknowledged that the fear of a full-blown tariff war remains a concern.
Langone is not alone in his criticism of Trump’s tariffs. Other billionaires have voiced similar concerns. Investor Stanley Druckenmiller, a key adviser to Treasury Secretary Scott Bessent, wrote on X: “I do not support tariffs exceeding 10%.” Investor Bill Ackman, who backed Trump’s 2024 campaign, also called the tariffs “a major policy error.”
Even Trump ally Elon Musk, who was appointed to advise the president, said he hopes for a “zero-tariff situation” between the U.S. and Europe.
As the debate over tariffs continues, Langone’s harsh words highlight growing frustration within the business community over Trump’s trade policies.
