Stanley Druckenmiller at CNBC’s Delivering Alpha on Sept. 28, 2022.
Scott Mlyn | CNBC
Billionaire investor Stanley Druckenmiller made a rare post on the social media platform X on Sunday, reiterating his opposition to tariffs exceeding 10%.
The founder of Duquesne Family Office has been consistent in opposition to the U.S. imposing tariffs above 10% threshold. In January, he said on CNBC: “As long as we stay in the 10% range, …I think the risks [from tariffs] are overblown relative to the rewards, the rewards on high, it’s more like they’re the lesser of two evils.”
On tariffs broadly, Druckenmiller also said at the time that he views them as “simply a consumption tax, that foreigners pay for some of it.”
His latest post on X — one of just a handful of posts he’s made on the platform — distances himself from President Donald Trump’s sweeping tariff plan, which imposes rates as high as 50% and a baseline rate of 10% on most countries.
In response to a video on X of the CNBC interview with Druckenmiller from January, the veteran investor wrote: “I do not support tariffs exceeding 10% which I made abundantly clear in the interview you cite.”
Stock prices have fallen sharply following Trump’s tariff announcement, with markets experiencing losses not seen since the Covid-19 pandemic.
Trump allies defended the tariffs on the airwaves on Sunday and attempted to minimize possible long-term economic repercussions. White House National Economic Council Director Kevin Hassett said that he doesn’t believe that the tariffs will have a “big effect on the consumer in the U.S.”
The baseline 10% tariffs on almost every country went into effect Saturday morning. “HANG TOUGH, it won’t be easy, but the end result will be historic,” Trump wrote on Truth Social as the tariffs began to go into effect.
Druckenmiller had thrown his financial backing behind, including by co-hosting a fundraiser, for candidate Nikki Haley during the Republican primary.
Ahead of the November general election, Druckenmiller publicly said that he did not plan to vote for Trump or former Vice President Kamala Harris.
WATCH: Druckenmiller: Tariffs are simply a consumption tax that foreigners pay for some of it
