As tariff tensions rise, billionaire Thomas Peterffy strongly supports former President Donald Trump’s economic plan. This includes broad new tariffs that apply a 10% base levy on all countries. Additional duties will target nations with large trade deficits.
Despite criticism from other billionaires, Peterffy firmly defends the approach. His key phrase: economic nationalism boosts innovation, drives his argument. According to Peterffy, these tariffs create space for American businesses to grow and compete.
He believes higher costs for foreign goods will push U.S. companies to develop alternatives. “Because foreign products are expensive now, internal production can finally compete,” he said from his Palm Beach mansion.
In contrast, many prominent figures, including Elon Musk and Bill Ackman, oppose the policy. Peterffy, however, criticizes these detractors. He claims they focus on short-term profit instead of national growth. “They are greedy and short-sighted,” he told Forbes in a video interview.
Peterffy’s background strengthens his views. A Hungarian immigrant who became a self-made billionaire, he founded Interactive Brokers in 1993. His net worth now exceeds $45 billion. Notably, he is also a frequent donor to Republican causes, giving over $32 million since 2000.
He admits he once supported free markets. However, he now argues they were never truly free due to global subsidies. Economic nationalism boosts innovation, he insists again, explaining why tariffs will help restore fair competition.
While some analysts fear a recession, Peterffy disagrees. He views the changes as a chance for an “economic boom.” Building factories, hiring workers, and increasing output will spark growth, he says confidently.
Stock markets remain uncertain, though. The S&P 500 has dropped 12% over four sessions. Still, Peterffy claims the markets already bottomed out earlier this week.
When asked about higher prices, Peterffy dismissed concerns. He argued that essential goods will remain affordable. Rising car costs, he claimed, will be absorbed by companies or offset by used car sales. Economic nationalism boosts innovation, he repeated once more, confident in his vision for America.
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