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2 / 11Elon Musk | The Tesla CEO has lost $110 billion so far this year — including $11 billion on Thursday — as lagging deliveries and his controversial role as Trump’s efficiency czar have hammered the electric-vehicle manufacturer’s stock. Earlier this week, things were looking up: Because Tesla manufactures many of its cars in the US, tariffs could have a lesser effect on the company than its foreign peers. It stock also rallied on reports that Musk would soon be stepping back from his government work to potentially refocus on Tesla. However, shares fell 5.5% Thursday after tariffs were announced.
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4 / 11Family Budget Hit | Matt Priest, President and CEO of the US-based Footwear Distributors and Retailers of America, stated, “This is catastrophic for American families.” His comment came in response to how tariffs could hike the price of imported shoes and clothing, hitting consumers hard.
5 / 11Bold Policy Win | Nick Iacovella, Executive Vice President at the Coalition for a Prosperous America, stated, “Today is arguably the single greatest trade and economic policy action in the history of the country.” Speaking from a pro-manufacturing standpoint in the US, he sees tariffs as a historic boost for domestic industries.
6 / 11Jamie Dimonthe American CEO of JP Morgan Chase, said, “If it’s a little inflationary, but it’s good for national security, so be it. Get over it.” He made this statement during an interview at the World Economic Forum, showing a willingness to tolerate price increases for strategic gains.
7 / 11Jim FarleyCEO of Ford Motor Company in the US, cautioned, “It would blow a hole in the US auto industry like we’ve never seen.” He raised this alarm at a Wolfe Research conference, pointing to the disruption tariffs could cause in supply chains linked to Canada and Mexico.
8 / 11Paul Krugmanthe American Nobel Prize-winning economist, wrote, “He’s gone full-on crazy.” In a Substack post, he criticised Trump’s tariff approach as misguided, arguing it’s based on faulty assumptions about trade deficits.
9 / 11Larry Summersa US economist and former Treasury Secretary, said, “This is a self-inflicted wound to the American economy.” He, during a CNN interview, said that tariffs could spark inflation and disrupt supply lines and emphasised the policy’s potential to harm the US more than its trade rivals.
10 / 11Joseph Stiglitzanother American Nobel laureate in economics, said, “This is not policy—it’s really stupid.” He called Trump’s tariffs a throwback to outdated economic ideas.
11 / 11Janet Yellenformer US Treasury Secretary, warned, “Sweeping, untargeted tariffs would raise prices for American families and make our businesses less competitive.” She stated this before the policy’s full rollout and cautioned on the broad impact on both consumers and US firms in global markets.
