Republican Megadonor Rips ‘Bullsh*t’ Trump Tariffs: ‘I Don’t Understand the Godd*mn Formula’
AP Photo/Richard Drew
Home Depot founder Ken Langone said he does not see the logic of the tariffs implemented by President Donald Trump last week.
In an interview with The Financial Times published on Monday, Langone let fly on the measures, which impose a minimum 10% tariff on virtually all imports. However, the president singled out dozens of countries for much higher tariffs, which are paid by companies that import the goods. Those higher costs are subsequently passed on to consumers. Markets have reacted bearishly over the last three trading sessions and have lost trillions in value as concerns about a recession are rampant.
Langone told the Times that Trump is being “poorly advised” and homed in on the 46% tariff Trump placed on Vietnamese products, calling them “bullshit.” The billionaire said the president did not seem to give “serious negotiations a chance to work.”
“Forty-six per cent on Vietnam? Come on!” said the 89-year-old. “You might as well tell them, ‘Don’t even bother calling.’”
He later added that a more sensible approach would be to levy a 10% tariff on all imports and subsequently engage in one-on-one talks. Langone took particular issue with the figures the Trump administration used to justify its tariffs.
“I don’t understand the goddamn formula,” he said. “I believe he’s been poorly advised by his advisers about this trade situation — and the formula they’re applying.”
When rolling out the tariffs on Wednesday, Trump held up tables indicating that various countries had imposed large tariffs on U.S. goods.
For example, the table said there is an E.U. “tariff” on U.S. goods of 39%. In 2024, the U.S. exported $370.2 billion to the E.U., according to the Office of the U.S. Trade Representative. Meanwhile, the U.S. imported $605.8 billion from the E.U. That means the U.S. ran a trade deficit with the E.U. of $235.6 billion. The administration took the deficit ($235.6 billion) and divided it by the amount of imports from the E.U. ($605.8 billion), yielding a figure of 38.89%, which the administration rounded up to 39% and called a “tariff” even though that is not a tariff.
In response, Trump imposed a tariff on E.U. goods at roughly half the 39% figure. He replicated this approach to dozens of countries with which the U.S. runs a trade deficit.
