Citadel CEO Ken Griffin said President Donald Trump’s trade war is killing Wall Street’s animal spirits vibes and tarnishing the US brand more broadly.
“How does Canada feel about our country today versus two months ago?” Griffin said during an interview at Semafor’s World Economy Summit in Washington. “How does Europe feel about the United States today versus two months ago? “
Griffin said that Trump’s actions have unnerved financial markets and weakened confidence in US Treasuries, “eroding” the most powerful brand.
“We put that brand at risk,” he told Semafor senior editor Gina Chon. “And, as you and I both know, it could take a very long time to remove the tarnish from the brand.”
On April 9, Trump announced a 90-day pause on most of his “reciprocal tariffs” after financial and bond markets were roiled for a week after his announcement. The White House said it has continued to impose high tariffs on China because, unlike other countries, Beijing retaliated to the president’s move.
Griffin said he took solace in Treasury Secretary Scott Bessent’s signals that the US and China may be able to work out a trade deal. Bessent said on Thursday that there’s an “opportunity for a big deal,” optimism that reverberated in trading.
As of midday, the Dow Jones Industrial Average and the S&P 500 are up slightly.
Griffin said overall, Trump’s first 100 days have been “mixed.” The billionaire praised the White House’s quick action on immigration, removing diversity requirements, and pushing European allies to pay more for their defense. Griffin said the speed of Trump’s moves has led to “some missteps.”
“We’re moving too quickly, we’re moving too haphazardly, and we’re breaking a lot of glass in trying to solve problems these very real problems,” he said.
One of the Republican Party’s biggest donors, Griffin supported former UN ambassador Nikki Haley in the 2024 GOP presidential primary. He gave Trump positive marks for immigration, removing diversity requirements and pushing European allies to pay more for their defense.
Like some others on Wall Street, Griffin reacted positively to Trump’s win. But Griffin said Trump’s trade policies are reducing the once vibrant optimism.
“I think all of us we’re looking forward to four years to really grow our businesses,” Griffin said. “Unfortunately, the trade war, which has devolved into a nonsensical place, means we’re spending time thinking about supply chains, thinking about strategically how we’re going to source goods around the world.”