Trump tariffs risk turning American businesses into corporate welfare recipients, warns Citadel's Ken Griffin [Fortune]
General Motors Company (GM)
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Source: Fortune
Speaking on Thursday at The Economic Club of New York, the founder and CEO of Citadel said U.S. companies shielded from foreign competition will inevitably grow fat and complacent from the “sugar rush” of import duties. Soon enough they will realize lobbying Capitol Hill is the easiest way to ensure their continued survival, rather than the hard path through innovation and productivity. “I am gravely concerned that the rise of tariffs puts us on a slippery slope towards crony capitalism,” warned billionaire speculator Ken Griffin, CEO of hedge fund Citadel, on Thursday. Removing competition eliminates the need to innovate He's not the only one. Walmart finance chief John David Rainey leveled with Americans on Thursday, telling Fox News that its U.S. customers would be the ones paying for any tariff-related cost increases the retail giant cannot absorb. Citadel's Griffin worries tariffs will have a lasting impact on American productivity, a key metric that fuels inflation-ad
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