Citadel CEO Ken Griffin speaks during the semafor World Economy Summit 2025 ” width=”970″ height=”647″ data-caption=’Citadel CEO Ken Griffin speaks during the Semafor World Economy Summit 2025 at Conrad Washington on April 23, 2025 in Washington, D.C. <span class=”lazyload media-credit”>Getty Images</span>’>
Hedge fund billionaire Ken Griffin, a major Republican donor, says he supports President Donald Trump’s overarching economic goals—cutting government spending, leveling the playing field with trade partners and reviving American manufacturing—but warned that the administration’s current approach to is damaging what he called the “American brand,” a reputation that could take years to repair.
“The United States is more than just a nation; it’s a universal brand, whether it’s our culture, our financial strength, our military strength. America rose beyond just being a country. It was like an aspiration for most of the world, and we’re eroding that brand right now,” Griffin said during an onstage interview at Semafor’s World Economy Summit in Washington, D.C. today (April 23).
Griffin’s comments follow Trump’s announcement earlier this month of sweeping tariffs on most countries, which were abruptly paused just days later. The whiplash has rattled markets, with investors selling off both U.S. stocks and Treasury bonds—long considered the world’s safest investments. The selloff suggests deepening doubts about not only the U.S. economy but also the credibility of the U.S. government.
“In the financial markets, no brand compared to the brand of the U.S. Treasuries—the strength of the U.S. dollar, the creditworthiness of U.S. Treasuries. no brand came close. We put that brand at risk,” Griffin warned. “It can take a very long time to remove the tarnish on a brand.”
The selloff of Treasury bonds have led to a weakening of the U.S. dollar against other major currencies. Using the euro as a reference, the U.S. “has become 20 percent poorer in four weeks,” Griffin said.
Discussing the broader implications of Trump’s trade policies and his administration’s stance on the war in Ukraine, Griffin added, “We’ve had a shock to the world about America’s commitment to multilateralism, to free trade. And we’ve had a real calling into question the American role when it comes to global security.”
Griffin urged President Trump, as well as his treasury secretary Scott Bessent and commerce secretary Howard Lutnick, to be “very thoughtful” in their policymaking to preserve America’s global image. “When you have a brand, you need to behave in a way that respects that brand, that strengthens that brand because when you tarnish that brand, it can take a lifetime to repair the damage that has been done,” he said.
Later at the same conference, Stephen Miran, chief economic advisor to President Trump, pushed back on Griffin’s remarks, saying he disagrees with the assertion that the administration’s tariff policy is damaging the American brand. He encouraged investors to look beyond the short-term negative impact created by tariffs.
“At the end of the day, the brand of America, the desire to invest in America, to be in American, to hire in America is all a function of economic opportunity,” said Miran, whose background is also in hedge fund. “President Trump and his administration are focusing on creating the best economy American has ever had. I think you got to look forward through what’s happening now with tariffs to the trade deals that are being negotiated, to the tax relief that’s being negotiated with Congress.”
