Billionaire investor Ken Fisher on Monday said Trump’s “stupid” tariffs will fail, and noted the potential for the stock market to recover from here. “What Trump unveiled Wednesday is stupid, wrong, arrogantly extreme, ignorant trade-wise and addressing a non-problem with misguided tools,” Fisher wrote on social media platform “X.” “Yet, as near as I can tell it will fade and fail and the fear is bigger than the problem, which from here is bullish.” The founder of investment advisory firm Fisher Investments said Trump’s tariffs that start at a 10% baseline on all imports, with higher rates set for specific countries, are unlikely to succeed as they will be challenged both in legal courts and by Congress. He also noted customs won’t have the capacity to see them through. “Much of what he has done can’t actually occur for many reasons. Customs doesn’t have the capacity to handle it by a long shot. Court challenges will be forceful,” he wrote. “Another point: If GOP congress members don’t get Trump’s tariffs reigned in pretty quickly the mid-terms….not that far away, the campaign starting this fall, will be a blood bath for them big time.” The potential legal and administrative challenges in store for Trump’s tariffs could be why stocks did not sell off further during Monday’s trading session. The S & P 500 was last higher, after briefly touching bear market territory earlier in the day. Last week, the broad market index had lost 10% across just Thursday and Friday. Fisher also noted the stock reaction to the tariff announcement could be outsized compared to the issues around the policy itself, meaning the recent stock drop could be the start of strong rally later. “The fear is bigger than the problem can be,” Fisher continued. “Single period stock market comparisons are always iffy, but it may well be this goes something like the 1998 stock market correction leading to a 26% annual return.” Fisher is only the latest investor on Wall Street to criticize the president for the tariff-induced market shock that sent money managers scrambling over the weekend to deal with the fallout. Many are concerned the tariffs will lower growth and raise inflation at a time of weakening consumer sentiment. Billionaire investor Bill Ackman took to X to say the U.S. was headed for an “economic nuclear winter” as a result of the tariff policy rollout, and costing Trump the confidence of business leaders. Fisher has backed Republican campaign funds in the past. The investment advisor has also written before that one political party is not necessarily better than the other for the stock market. — CNBC’s Jesse Pound contributed to this report. Get Your Ticket to Pro LIVE Join us at the New York Stock Exchange!| Uncertain markets? Gain an edge with CNBC Pro LIVE , an exclusive, inaugural event at the historic New York Stock Exchange. In today’s dynamic financial landscape, access to expert insights is paramount. As a CNBC Pro subscriber, we invite you to join us for our first exclusive, in-person CNBC Pro LIVE event at the iconic NYSE on Thursday, June 12. Join interactive Pro clinics led by our Pros Carter Worth, Dan Niles, and Dan Ives, with a special edition of Pro Talks with Tom Lee. You’ll also get the opportunity to network with CNBC experts, talent and other Pro subscribers during an exciting cocktail hour on the legendary trading floor. Tickets are limited!
