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'Wolf of Wall Street' Jordan Belfort has an interesting take on Donald Trump's tariffs
Jordan Belfort echoed Trump's statements that the tariffs would help in restoring domestic production in the US, critical for the country’s long-term stability.
Entrepreneur Jordan Belfort, also known as the "Wolf of Wall Street," said there’s no reason to panic about US President Donald Trump’s latest tariff hikes on key trade partners.
This is because "everyone's taking advantage of us," Belfort said on "Fox & Friends," an American daily morning Fox News programme.
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Belfort claimed that the tariffs will ultimately end up strengthening American manufacturing though “there's going to be corrections in markets.”
The US stock market had entered correction territory last Thursday, as concerns of a potential trade war continued.
However, Trump told White House reporters that he’s "not going to bend at all" on the tariffs which include a 25% levy on steel and aluminum imports, along with a proposed 200% tariff on European champagne and other alcohol products.
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This resulted in swift backlash from major US trade partners such as Canada, China, and the European Union, with Canada having already retaliated with its own additional tariffs.
Belfort echoed Trump's statements that the tariffs would help in restoring domestic production in the US which is critical for the country’s long-term stability, adding that “you can’t just be a consumer nation.”
“It’s like being on a sugar high for 50 years,” Belfort had said. "At some point, you’re bleeding the wealth out of the country."
Belfort said that the US is losing on the trade deficit and that over time, that will cause massive problems and thus, "needs to be reset.”
However, critics have warned that the tariffs could do more harm than good, with economists arguing that trade wars drive up costs for consumers, strain relationships with allies, and could slow global economic growth, according to the report.
Despite this, Belfort retorted by saying that Trump's critics will oppose any policy he tries to implement.
