Trump Tariffs Have Made for 'Challenging Weeks,' Says Citadel CEO Ken Griffin

As markets soared on a truce in the trade war between the US and China, Citadel founder Ken Griffin reflected on the past month, suggesting it would have been better to sit on the sidelines in cash.

“It’s been a really difficult time for fundamental investors because so much of the value of the companies that we invest in is being dictated by very quickly changing policies from Washington,” Griffin, 56, said in an interview late Monday for an upcoming series for Bloomberg Originals, Bullish.

“In retrospect, perhaps holding cash would’ve been the best way to navigate this. But that’s so contrary to our culture of always trying to be on the offense, always trying to find ways to create value in the markets,” the billionaire said.

Wall Street breathed a sigh of relief after negotiators from the world’s top two economies announced a major de-escalation, pausing tariffs that threatened to strangle trade between them. The S&P 500 gained 3.3% on Monday— the most in more than a month — while the Nasdaq 100 jumped 4%. That put losses triggered by President Donald Trump’s “Liberation Day” in the past.

On April 2, Trump imposed a minimum levy of 10% on imports from around the world, stoking fears the trade war could trigger a global economic slowdown. The measures for China were especially punitive, with combined levies on most imports from the country reaching 145%. The moves sunk stocks and pushed gold to a record.

Griffin has repeatedly criticized tariffs as amounting to a regressive tax that hits the working class, telling Bloomberg the policy will come with a “real price” in the midterm elections.

In the interview in Miami, he praised Treasury Secretary Scott Bessent for negotiating “a material improvement in the bilateral terms of trade between the two countries as compared to where we were just a few days ago.” Still, there are more negotiations to come.

--------

Watch Bloomberg Radio LIVE on YouTube

Weekdays 7am-6pm ET

Follow us on X

Subscribe to our Podcasts:

Bloomberg Daybreak

Bloomberg Surveillance

Bloomberg Intelligence

Balance of Power

Bloomberg Businessweek

Listen on Apple CarPlay and Android Auto with the Bloomberg Business app:

Apple CarPlay

Android Auto

Visit our YouTube channels:

Bloomberg Podcasts

Bloomberg Television

Bloomberg Originals