President Donald Trump’s latest tariff hikes on key trade partners have rattled businesses and drawn criticism from political opponents. But entrepreneur Jordan Belfort, known as the “Wolf of Wall Street,” says there’s no reason to panic.
“Everyone’s taking advantage of us,” Belfort argued on “Fox & Friends,” claiming that the tariffs will ultimately strengthen American manufacturing.
“There’s going to be corrections in markets. So, I think you need to look past that and say, well, what are these tariffs doing for the long-term fundamental health of the economy? Because that’s what really drives long-term value in the stock market.”
The stock market took a hit on Thursday, with the S&P 500 closing in correction territory, as concerns over a potential trade war continued. Despite the market reaction, Trump remained steadfast, telling White House reporters he’s “not going to bend at all” on the tariffs. When asked whether he would reconsider the latest round set to take effect on April 2, he responded with a firm, “No.”
Trump’s plan includes a 25% tariff on steel and aluminum imports, along with a proposed 200% tariff on European champagne and other alcohol products. The move has prompted swift backlash from major U.S. trade partners, including Canada, China, and the European Union. Canada has already retaliated with its own additional tariffs on the United States, and vowed not to back down from the escalating trade war.
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The president has described the tariffs as a way to reclaim American economic power, saying the country has been losing wealth and manufacturing jobs for decades.
“We’re going to take back our wealth, and we’re going to take back a lot of the companies that left,” Trump said on Wednesday.
Belfort echoed that sentiment, arguing that restoring domestic production is critical for the country’s long-term stability.
“You can’t just be a consumer nation,” he said.
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“It’s like being on a sugar high for 50 years. At some point, you’re bleeding the wealth out of the country.”
Critics warn that the tariffs could do more harm than good. Many economists argue that trade wars drive up costs for consumers, strain relationships with allies, and could slow global economic growth. Some business leaders fear retaliatory tariffs from other nations could hurt American exports, particularly in industries like agriculture and manufacturing.
Despite the uncertainty, Belfort remains optimistic.
“I think the only people who are panicking are probably, you know, on CNBC trying to make everyone panic,” he said.
“We keep losing on the trade deficit. And over time, that is causing massive problems in the United States. It needs to be reset.”
Belfort said Trump’s critics will oppose any policy he tries to implement.
“Whatever he does, they’re gonna say they hate it, ‘it’s the worst thing in the world.’ … You start to just ignore it. It’s complete and utter nonsense,” he concluded.
