making Americans poorer, and tarnishing the sterling reputation of US assets’, he also said ‘Trump ‘eroding’ US brand, has made the country 20% poorer’; ‘Though the president may have identified real problems, his methods to solve them don’t appear to be working, and are unlikely to revive American manufacturing, Griffin told Semafor’s Gina Chon at the World Economy Summit in Washington, DC.
Previously, Griffin said, “no brand compared” to US Treasurys, the strength of the US dollar, or the nation’s creditworthiness. But Trump’s tactics have “eroded” that reputation.’
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This is scathing coming from maybe Trump’s biggest supporter and financial titan.
“We put that brand at risk,” the billionaire hedge fund manager said. “It can be a lifetime to repair the damage that has been done.”
Investors have dumped US stocks and Treasurys in recent weeks in response to Trump’s on-again, off-again tariffs on imports to the US. While most countries have been granted a 90-day reprieve, Trump has increased duties on China and suggested he might fire Jerome Powell, the respected governor of the US Federal Reserve. (Trump walked back those comments, saying he has no plans to remove Powell.)
Using the euro as a reference, the US “has become 20% poorer in four weeks,” Griffin said, an environment that produces no winners or bright spots.’
‘Griffin said his “gravest concern” is whether officials can conduct themselves so that they don’t “diminish the stature” of the US.
“How does Canada feel about our country today versus two months ago? How does Europe feel about the United States today versus two months ago?” Griffin said. “And some people scream, well, it just doesn’t matter. But you know what? It matters for a very profound reason. The entire Western world is engulfed in a debt crisis.”’
Citadel CEO Ken Griffin: Trump is ‘eroding’ US brand and making the country poorer | Semafor
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Author: Dr. Paul Alexander
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