Ken Griffin lashed out at President Biden over his incoherent economic policies though he said he is waiting to see who Donald Trump picks as his running mate before deciding whether to financially back the presumptive Republican nominee.
Griffin, the founder and CEO of $63 billion hedge fund Citadel, criticized the Biden administrations decision to raise tariffs on Chinese-made electric vehicles to 100% roughly quadrupling the old tariff rate of 25%.
The tariffs on Chinese EVs, which are more affordable than Western-made models, effectively kept them out of the US market.
Griffin told a Bloomberg conference in Qatar on Tuesday that the tariffs were a continuation of the incoherent economic policies of the Biden administration
Weve seen this giant push toward green energy over the course of the last several years and, at the same time, a set of policies that run completely contrary to the stated goal of trying to head toward a zero carbon world, Griffin, who has a net worth valued by Bloomberg Billionaires Index at more than $38 billion, said on Tuesday.
Placing enormous tariffs on Chinese EVs which are low cost, high quality and of great value to American consumers is yet another part of the incoherent Biden economic strategy.
Griffin, an influential Republican donor, also criticized the Biden administration over its energy policy.
In January, the White House announced that it was placing a temporary pause on approvals of exports of liquefied natural gas a move that Griffin said I scratch my head about.
If you want the world to head toward a lower carbon footprint and move away from coal, access to LNG is a really important part of the equation, Griffin said.
A White House spokesperson referred The Post to a previous statement from the administration saying that the pause applied to countries with which the US does not have a free trade agreement.
The White House said the announcement will not impact our ability to continue supplying LNG to our allies in the near-term” noting that the US remains the top exporter of LNG in the world.
The US is refusing to permit new facilities for the foreseeable future.
Griffin on Tuesday praised Trump, though he stopped short of pledging to financially back his campaign.
He will exude a level of strength that will help stabilize the world in these trying times, the Florida-based GOP donor said of the former president.
You could never be certain about President Trump. And thats part of the reason that he is more intimidating to our adversaries,” Griffin added.
“You never know exactly what the response is going to be.”
Griffin is taking a wait-and-see approach as to whether he will open his checkbook to help Trumps campaign.
The hedge fund mogul is reportedly making his financial support contingent on the identity of Trumps vice presidential pick.
Griffin and another hedge fund billionaire, Bill Ackman of Pershing Square Capital Management, are due to appear at a June 19 gathering that will include Sen. Tim Scott (R-SC), who is said to be in the running to be Trumps No. 2.
Other financial heavyweights including private equity boss Marc Rowan of Apollo Global Management and venture capitalist Marc Andreessen are expected to attend the event, according to Bloomberg News.
The fundraiser is being held to support a Scott-aligned PAC called Great Opportunity Policy Inc.
Other senior Republican lawmakers who are considered to be on the list of possible VP picks include Gov. Doug Burgum (R-ND), former UN ambassador Nikki Haley and Sen. JD Vance (R-Ohio).
Griffin donated $5 million to a super PAC that supported Haley in her failed bid to beat Trump for the nomination.
So far in this election cycle, Griffin has given $60 million mostly to Senate and House races.
While Biden is trailing in the polls among voters in key swing states, he has an estimated $100 million advantage over Trump in campaign cash.
Ackman, who has mostly supported Democrats in years past, has indicated he wont vote for Biden and would be open to backing Trump.