On Easter Sunday, President Donald Trump took to Truth Social to defend his controversial tariff policies, declaring that business leaders who criticize his tariffs are not only poor at business but also misguided in their understanding of politics. In a striking post, he proclaimed, "THE BUSINESSMEN WHO CRITICIZE TARIFFS ARE BAD AT BUSINESS, BUT REALLY BAD AT POLITICS," asserting that they fail to recognize his efforts to support American capitalism.

Trump's sweeping tariffs, which he announced on April 2, involve a baseline rate of 10% on imports from over 180 countries. These tariffs began to take effect on April 5, with a more complex structure of increased rates depending on the country of origin starting on April 9. However, on the same day as the latter implementation, Trump announced a temporary 90-day pause on the global tariffs, a move that caused significant turmoil in the financial markets, resulting in a massive sell-off.

While Trump did not specify which business leaders he was referring to in his post, a number of high-profile executives have publicly expressed their concerns about the ramifications of his tariffs. Notably, JPMorgan Chase CEO Jamie Dimon voiced his apprehensions in an interview published on April 11. He emphasized that the uncertainty generated by Trump's tariffs poses a challenge to America's global standing as a stable economic hub. "I am not worried about the markets as much as I am about keeping the Western world together, free and safe for democracy," Dimon remarked, underscoring the importance of strong economic relationships. He further elaborated that while addressing unfair trade practices is necessary, caution must be exercised to avoid unnecessary economic harm.

Dimon has been particularly vocal about the potential for a recession arising from these tariffs. In an earlier interview with Fox Business, he stated that a recession is a "likely outcome" of the current tariff situation. Trump, aware of Dimon's remarks, referenced the interview in his Truth Social post shortly before announcing the temporary halt on the tariffs.

Other influential figures in the business community have echoed Dimon's sentiments regarding the adverse effects of the tariffs. Mark Cuban, a prominent entrepreneur and investor, has been a vocal critic of Trump's tariff policies. On the same day that Trump revealed his sweeping tariffs, Cuban cautioned his followers on Bluesky to stock up on consumables, warning that prices would likely rise. "Even if it's made in the USA, they will jack up the price and blame it on tariffs," he stated, illustrating his concerns about the economic burden on consumers.

In the days following, Cuban elaborated on the impact of the tariffs, asserting that many businesses were forced to cut jobs as a direct response to the tariffs. He noted that companies were stockpiling inventory to avoid the anticipated price increases due to tariffs, which consequently diverted funds away from potential investments or hiring.

Interestingly, even Elon Musk, a known supporter of Trump, diverged from the administration's stance on tariffs. Musk advocated for the establishment of a "free trade zone" between the United States and Europe, while also criticizing Trump's chief trade advisor, Peter Navarro, after the tariff announcement. In a more direct criticism, Kimbal Musk, Elons brother, lambasted the tariffs in an X post, describing them as a "structural, permanent tax on the American consumer," voicing concerns about the long-term implications for Americans.

As the debate over tariffs continues to unfold, the White House has yet to respond to requests for comments from Business Insider, further fueling discussions about the future of U.S. trade policy and its impact on the economy.