Citadel's Ken Griffin says Trump's tariffs could lead to crony capitalism

Published On Nov 21, 2024, 2:32 PM

Ken Griffin, CEO of Citadel, expressed concerns over the potential impact of tariffs proposed by Donald Trump, stating that they could lead to crony capitalism. He noted that while domestic companies might initially benefit from reduced competition, in the long term, tariffs could harm corporate America by reducing competitiveness and productivity. Griffin warned that the imposition of higher tariffs would likely lead to increased consumer prices and protect inefficient businesses, allowing them to thrive without meeting consumer needs. He also mentioned that Citadel is focusing on building its business and does not plan to go public soon.

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The warning from Ken Griffin about the potential adverse effects of tariffs suggests a challenging environment for businesses that rely on global competition. If tariffs are implemented, it could lead to higher prices for consumers and potentially lower demand for goods. Stocks of companies heavily reliant on international trade could be negatively affected.

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