Ever since the re-election of President Donald Trump in November of 2024, tariffs have been a particularly hot topic not only for economists and investors but just about every citizen of the United States (and much of the world on top of that). What was once a relatively niche economic tool relegated to discussions between economists and relatively boring trade negotiations amongst nations has become a a topic of discussion around dinner tables and across coffee shops all over the country. While tariffs have been used since the inception of the United States, the tariffs President Trump enacted on April 2nd, 2025 (a.k.a. “Liberation Day”) were the most wide reaching and impactful in American history. Over the next four days the stock market dropped nearly 15% before rebounding somewhat a few days later. With much uncertainty about what tariffs are in place, what have been rolled back, and what additional tariffs may be implemented in the future, the market has been particularly volatile as of late. People are concerned about everything from their 401k to the skyrocketing prices of basic household goods. Since the issue of tariffs has been politicized lately, it could be helpful to take a step back and look at the opinions other economic and political leaders hold regarding tariffs in order to help us navigate these uncertain waters.
1) Warren Buffent
Warren Buffett, often referred to as the “Oracle of Omaha,” is one of the most successful investors in history. Born in 1930, Buffett began investing at age 11 and went on to study under Benjamin Graham at Columbia University, where he mastered the principles of value investing. As chairman and CEO of Berkshire Hathaway, Buffett built a fortune through disciplined, long-term investments in companies like Coca-Cola, Apple, and American Express. Renowned for his plainspoken wisdom, Buffett is also a major philanthropist, pledging to donate most of his wealth through the Giving Pledge. His quote, “Price is what you pay. Value is what you get,” encapsulates his investing philosophy. He also recently made news as the the only member of the top 10 richest American’s to actually increase his wealth immediately following Trump’s announcement of tariffs on “Liberation Day”, hence his placement at the top of this list.
What has Warren Buffet Said About Tariffs?
As an investor known for playing his hand close to his chest, Warren Buffett has remained exceptionally tight-lipped thus far about his opinion on President Trump’s current round of tariffs as they play out. However, previous statements he has made can give us clues into Buffet’s mindset and opinions on tariff’s in general.
“If we actually have a trade war, it will be bad for the whole world… a world that adjusts to something very close to free trade. More people will live better [with free trade] than in a world with significant tariffs and shifting tariffs over time.” – Warren Buffet (2019)
During the first Trump administration in 2019, Buffett was asked his thoughts about the potential of an escalating trade war with China via tit-for-tat tariffs. At the time, Buffet espoused a pro-free trade mindset and shared that he believed that a trade war would end up bad for everyone in an increasingly interconnected economic world. However this would not be the only time that the “Oracle of Omaha” would speak up about potential tariffs. When asked in February of 2025 about the speculation around the yet-announced “Liberation Day” tariffs in April, Buffet took this one step further by calling tariffs “an act of war, to some degree” and acknowledging that they function as a tax on the consumer quipping, “well the tooth fairy doesn’t pay them!” when questioned on whether the American consumer would bear the brunt of the tariffs.
2) Elon Musk
Elon Musk is a billionaire entrepreneur and investor known for disrupting traditional industries. Currently the richest individual in the world, Musk was born in 1971 in South Africa, Musk co-founded PayPal before launching Tesla, SpaceX, Neuralink, and The Boring Company. Through Tesla, he revolutionized the electric vehicle market, and with SpaceX, he claims his intent to colonize Mars. In 2022, he acquired Twitter (now X), further expanding his media and technology footprint. He has recently taken an increasing role in American politics as well and was recently appointed by President Donald Trump to head The Department of Government Efficiency (D.O.G.E.) to try and cut government spending across a wide number of various government agencies.
What has Elon Musk Said About Tariffs?
Although Elon Musk has quickly become one of President Trump’s most vocal, visible, and powerful allies in the last several years, his support for Trump’s tariff policy has been much more tepid. Notably, a number of Musk’s companies (most notably Tesla) have been significantly impacted by Trump’s enacted tariffs. Furthermore, Elon has strong, deep, longstanding economic ties to China which has been branded a trade enemy by President Trump and has been bludgeoned the hardest by him in an attempt to fix what he believes in an unbalanced trade relationship. Previously, on The Joe Rogan Experience podcast, Elon has spoken about his caution towards enacting broad tariffs and their effect on the automotive industry a supply chains:
“I think you need to be careful with tariffs… if a part is suddenly twice as expensive, it messes everything up” – Elon Musk on The Joe Rogan Experience
After Trump’s April 2nd “Liberation Day” tariffs took effect, Musk began speaking even more bluntly and began frequently publicly disagreeing with the president regarding his trade policy. Recently he has taken his stance one step further by advocated for the elimination of all tariffs between the United States and Europe during a speech he gave to leaders of Italy’s far-right League Party:
“At the end of the day, I hope it’s agreed that both Europe and the United States should move ideally, in my view, to a zero-tariff situation, effectively creating a free-trade zone between Europe and North America,” – Elon Musk to leaders of the Italian League Party
These comments had come just after President Trump announced a 20% tariff on all EU goods. Later that day, on Twitter, Musk got even more aggressive and took things further by attacking Trump’s trade advisor Peter Navarro. Peter Navarro is an economist and long-time counselor to Trump who served in Trump’s first administration and is now widely regarded as the architect of Trump’s tariff policy during his second administration. Musk, attacking Navarro’s credentials, tweeted that: “a PhD in Econ from Harvard is a bad thing, not a good thing”. As his frustration with Trump’s tariffs continued to mount so did his insults towards the Trump advisor eventually crassly cumulating in him calling him “Peter R*tardo” on Twitter for his insistence in sticking with Trump’s harsh trade strategy.
3) Howard Lutnik
Howard Lutnick is the Chairman and CEO of Cantor Fitzgerald and BGC Partners, and currently serves as U.S. Secretary of Commerce in the Trump administration. A prominent figure in finance, Lutnick is best known for rebuilding Cantor Fitzgerald following the firm’s tragic losses during the 9/11 attacks. Under his leadership, the firm evolved into a diversified financial powerhouse with significant influence in fixed-income markets and real estate.
What has Howard Lutnik Said About Tariffs?
As the Secretary of Commerce of the United States, Howard Lutnik has been the administration official most directly in charge of implementing President Trump’s tariff policy. As such, Lutnik has been one of the most aggressive cheerleaders for the wide swathe of tariffs Trump has implemented early into his second turn and has been primarily in charge of instituting those tariffs and defending them to the media and critics. That was his position when he faced questions about the tariffs following the stock market’s sharp decline following their initial implementation claiming that they were here to stay and that they represented a national security issue:
“This is a national security issue… we’ve got to protect ourselves.” – Howard Lutnik regarding tariffs on CBS ‘Face the Nation’
Lutnik has continued to publicly vigoursly defend The President’s policy regarding high tariffs and insists when pressed that they are here to stay. He shared President Trumps’ view that America has not been getting a fair shake as of late and this aggressive trade policy is a means to correct that.
“This is the moment that the United States of America takes hold of itself, and Donald Trump has been talking about this his whole life. This is Donald Trump’s agenda, and we’re all here to help him execute.” – Howard Lutnik on ‘Face the Nation’
4) Bernie Sanders
Bernie Sanders is a U.S. Senator from Vermont and a leading voice for progressive economic reform. Known for his democratic socialist views, Sanders advocates for universal healthcare, higher taxes on the wealthy, and stronger labor protections. His proposals, such as a $15 minimum wage and free public college, aim to reduce wealth inequality and reshape capitalism. Sanders has shifted the Overton window on economic justice and remains a central figure in debates over wealth distribution and regulatory reform. Senator Sanders has traditionally been one of the most vocal critics of President Donald Trump, the Republican Party, and even the Democratic Party that he ran for president under in 2016 and 2020 though he was ultimately defeated by Secretary Hillary Clinton and former President Joe Biden, respectively.
What has Bernie Sanders Said About Tariffs?
Perhaps surprisingly to some people given his frequent criticism of President Trump, Senator Bernie Sanders has previously spoken positively about tariffs, though admittedly in a more cautious and less bombastic fashion than current administration. While running for president himself in 2019, Sanders responded by contrasting his belief in “rational” tariffs versus what he viewed as Trumps “irrational” use of tariffs to escalate a trade war with China:
“Of course… in a rational way within the context of a broad, sensible trade policy.” – Bernie Sanders on CNN
Throughout his career, Sanders has advocated for certain protectionist trade policies like select tariffs to help protect American industries domestically. That being said, his past advocacy for limited tariffs has not prevented him from criticizing President Trump’s current swathe of tariffs as haphazard, overly broad, and poorly thought out. He laid out his criticisms of how the tariff’s have been rolled out by the Trump administration in a released statement that read, in part:
“We need a trade policy that is fair to American workers, not just large multi-national corporations… Donald Trump’s haphazard and reckless plan to impose tariffs on Canada and the European Union is an absolute disaster that will cause unnecessary economic pain to farmers, manufacturers and consumers… I strongly support imposing stiff penalties on countries like China, Russia, South Korea and Vietnam to prevent them from illegally dumping steel and aluminum into the U.S. and throughout the world… but not at the expense of farmers, workers, small businesses and consumers in Vermont and throughout this country.” – Bernie Sanders official response to Trump’s “Liberation Day” tariffs
5) Mark Cuban
Mark Cuban is a billionaire entrepreneur, investor, and outspoken voice on economic and technological issues. He made his fortune by selling Broadcast.com to Yahoo during the dot-com boom and later became owner of the NBA’s Dallas Mavericks. As a “Shark” on Shark Tank, Cuban invests in startups and promotes innovation. He frequently weighs in on monetary policy, healthcare reform, and cryptocurrency. Cuban also launched Cost Plus Drugs, an online pharmacy aimed at lowering prescription drug prices, showcasing his belief in capitalism with a conscience.
What has Mark Cuban Said About Tariffs?
A fellow billionaire and former friend of The President, Mark Cuban has increasingly spoken out against Trump during his second term in office after being cautiously optimistic in his first term due to Trumps “outsider” status in Washington. There has been no Trump policy that Cuban has been more critical towards than the tariff policy of Trump’s second administration claiming that it will hurt entrepreneurs during a SXSW conference in Austin, Texas stating:
“The unrecognized failure of the Trump tariffs approach is that he is depending on big global companies to create manufacturing jobs here… he has completely ignored entrepreneurs and innovators.” Mark Cuban at SXSW 2025
Cuban’s fundamental criticism seems to be based on the belief that Trump’s tariff’s are designed to consolidate wealth and power amongst wealthy mega-corporations and elites like Apple, Amazon, Google, Tesla, Disney, etc. at the expense of small businesses and the consumer. Cuban continues to raise the alarm when he considers the potential effects of the tariffs in conjecture with the cuts carried out by Elon Musk and D.O.G.E. speculating on social media site Bluesky that it could result in a financial crisis that is “worse than 2008”. This harrowing prediction for the economy is coupled with a suggestion to consumers to start buying essential goods in bulk at their current prices before the tariffs cause prices to skyrocket or even disruptions to the supply chain that could result in shortages like those we saw during the COVID-19 lockdowns during the end of Trump’s first presidency.
“It’s not a bad idea to go to the local Walmart or big box retailer and buy lots of consumables now… from toothpaste to soap, anything you can find storage space for, buy before they have to replenish inventory. Even if it’s made in the USA, they will jack up the price and blame it on tariffs.” – Mark Cuban 2025
6) Peter Navarro
Peter Navarro is an economist, author, trade advisor, and councilor to President Donald Trump, known for his staunchly protectionist and nationalist economic views. With a Ph.D. in economics from Harvard, Navarro spent decades as an academic before entering politics, writing books critical of China’s economic practices, including “Death by China.” As Director of the White House National Trade Council and later Assistant to the President for Trade and Manufacturing Policy, Navarro was a key architect of the Trump administration’s aggressive trade policies. He advocated for tariffs on Chinese goods, tighter trade restrictions, and reshoring American manufacturing. Navarro believed the U.S. trade deficit was a major threat to economic sovereignty and frequently clashed with free-trade advocates. Navarro notoriously served 4 months in prison after defying a congressional subpoena following President Trump’s first term. He is widely regarded to be the architect behind President Trump’s tariff policy in his second administration.
What has Peter Navarro Said About Tariffs?
There is no greater advocate for the U.S. to place tariffs on trading partners around the world than Peter Navarro. Even as pressure mounts on all sides for President Trump to ease tariffs generally or provide exemptions for specific companies, countries, or individuals, Peter Navarro has remained a staunch supporter of continuing or even increasing the already harsh tariffs maintaining that there will be “no exemptions, no exclusions” from the Trump administration. During his spat regarding the tariff’s with Elon Musk, Navarro pointed out how Elon’s personal and business ties to foreign countries could cause him to have different priorities than the “America First” philosophy of the Trump administration.
“In many cases, if you go to his [Musk’s] Texas plant, a good part of the engines that he gets, which in the EV case are the batteries, come from Japan and come from China. The electronics come from Taiwan.” – Peter Navarro on CNBC
Navarro’s position remains aggressively pro-tariffs and he has been continuously pointing out how other individuals and major corporations may have international interests that cause them to be at odds with President Trump’s trade policy.
7) Shawn Fain
Shawn Fain is the union president of the United Auto Workers (UAW), elected in 2023 after a historic direct vote by union members. A longtime union activist and former electrician at Chrysler, Fain rose to prominence by challenging the status quo within the UAW. Under his leadership, the union secured major contract wins against Detroit’s Big Three automakers, including historic wage increases and improved worker protections. Fain’s confrontational yet strategic approach reflects a broader resurgence in American labor power and a pushback against corporate excess in an era of widening income inequality. As the leader of one of the largest labor unions in the United States, he has increasingly shared his opinion on political topics as well notably endorsing former President Joe Biden and Vice President Kamala Harris, respectively, over Donald Trump in the presidential election and gave a fiery speech at the Democratic National Convention last year. As the head of United Auto Workers, he is the leader of one of the largest groups of automotive workers deeply affected by the tarrifs and global trade policy.
What has Shawn Fain Said About Tariffs?
Despite endorsing Kamala Harris in 2024, Shawn Fain has had relatively positive things to say about Trump’s tariffs that he’s enacted thus far in his second term. Representing millions of autoworkers in the United States, union leader Fain sees the implementing of tariffs as a tool for righting wrongs against the American worker.
“We’ve sat here for the last 30 plus years, with the inception of [the North American Free Trade Agreement] back in 1993-94, and watched our manufacturing base in this country disappear” – Shawn Fain 2025
Fain also dismissed concerns some economists and investors have that tariffs could hurt the gains the stock market has consistently returned since the end of the COVID-19 pandemic.
“You know, half of Americans don’t even have stock. Sixty percent of Americans have no retirement savings… so when I hear all the crying about the stock market, this is just Wall Street. They’re people that are already rich, and at the end of the day, most working class people are trying to survive right now. And it’s infuriating that our livelihoods have been stripped from us for decades and no one’s cared.” – Shawn Fain
Still not everything is completely rosy in the eyes of Shawn Fain. While he says that he supports the tariffs as they relate to the auto industry he represents, he has described the across-the-board approach of the president as “reckless”.
8) Ron Paul
Ron Paul is a former U.S. Congressman and libertarian icon known for his strict adherence to Austrian economics and advocacy for sound money. A vocal critic of the Federal Reserve, Paul has long argued for a return to the gold standard and limited government intervention in the economy. His books and speeches, including “End the Fed”, helped popularize libertarian ideas among a new generation of investors and political thinkers. Paul’s influence continues to resonate in debates over inflation, monetary policy, and federal debt.
What has Ron Paul Said About Tariffs?
There have been few if any politicians as aggressively consistant as Ron Paul has been over the course of his career as a political and public figure. A true believer in the free market, Representative Paul has consistently spoken out against tariffs and other protectionist economic policies as government overreach since long before President Trump entered the political arena. In his first term, Paul even spoke out aggressively against the much more limited tariffs put against China telling CNBC in 2018:
“[Trump is] blaming a free market and capitalism. A tariff can’t fix this. A tariff is a tax and the tax is on the people who live in the country who raises it. People that might be enjoying $25 tennis shoes will have to pay $100. That doesn’t help anybody.” – Congressman Ron Paul
It seems that the former congressman from Texas hasn’t changed his tune about Trump’s liberation day tariffs, either. In an official response to the announcement of the tariffs, Paul wrote a scorching eviseration of them which ended with him decrying tariffs, much like the income tax, to be theft:
“The economic effects are a good enough reason to oppose raising tariffs. However, the main reason to oppose tariffs is that tariffs, like all taxes (including the inflation tax), are theft.” – Ron Paul 2025
It seems that the elder Paul’s son has at least somewhat taken on the libertarian-lit economic torch his father once heralded as Senator Rand Paul of Kentucky has become the leading Republican voice in congress opposing Trump’s tariff policy.
9) Scott Bessent
Scott Bessent is an American investor and economic strategist currently serving as U.S. Treasury Secretary under President Donald Trump. Formerly the chief investment officer at Soros Fund Management, Bessent is known for his macroeconomic acumen and deep understanding of global capital flows. As Treasury Secretary, Bessent has focused on fiscal discipline, international coordination, and industrial policy to strengthen American competitiveness. His tenure marks a shift toward technocratic expertise in managing inflation, debt, and monetary stability.
What has Scott Bessent Said About Tariffs?
Interestingly, the Trump-appointee to the Treasury was known to frequently express reservations about tariffs early on in his career and later as chief investment officer for infamous investor George Soros. While he has tried to stay mostly out of public discussions about Trump’s tariffs, he has offered a full-throated defense of them when needed.
“It took great courage… great courage to stay the course until this moment.” – Scott Bessent to reporters regarding tariffs on April 9th, 2025
Still, there has been speculation that it was Bessent behind the scenes who encouraged Trump to enact a 90-day pause on at least some of tariffs enacted while Peter Navarro was out of town as a response to falling stocks and bonds. A mild-mannered and tight-lipped financier, it can be difficult to discern what his actual opinions are at any given time.
10) President Ronald Reagan
Ronald Reagan was the 40th President of the United States (1981–1989). As president, he profoundly reshaped American economic policy with his supply-side, free-market philosophy popularly known as “Reaganomics.” Reagan cut taxes, reduced government regulation, and emphasized military spending, helping usher in a period of sustained economic growth during the 1980s. His policies also laid the groundwork for modern conservative economic thought. A staunch anti-communist, Reagan’s economic legacy remains central to debates on taxation, deregulation, and federal spending.
What has President Ronald Reagan Said About Tariffs?
While President Reagan may not be alive today to give his unfiltered thoughts on Trump’s tariffs, he certainly gave his opinion on tariffs generally that we can use to extrapolate what he might say about what is going on with American trade policy today. In 1987, Reagan explained his staunch opposition to tariffs in one of his weekly broadcasts saying:
“High tariffs inevitably lead to retaliation by foreign country and the triggering of fierce trade wars. The result is more and more tariffs. Higher and higher trade barriers and less and less competition. So, soon, because of the prices made artificially high by tariffs, that subsidize inefficiencies and poor management, people stop buying. Then, the worst happens, markets shrink and collapse, businesses and industries shut down and millions of people lose their jobs.” – President Ronald Reagan 1987
As a fierce defender of free-market principles, President Reagan saw tariffs and a barrier to capitalism that would inevitably lead to trade wars that would hurt the American people. He also strongly believed in American exceptionalism and truly believed that American companies were capable of competing on a world economy on merit and didn’t need protectionist big-government economic policy to coddle them. In fact, he believed such policies would stifle innovation in America and lead to us losing our status as a great nation of advancements over time. Listen to President Reagan’s full address regarding tariffs in the video below: