Billionaire Banker Backs Trump's 'Shock And Awe' Tariff Policies, Slams Bill Ackman's Call For 90-Day Pause

Andrew Beal, the billionaire founder and owner of Beal Financial Corporation, has publicly supported President Donald Trump‘s contentious tariff policies, despite the resulting upheaval in the financial markets.

What Happened: Beal, in an exclusive interview with MarketWatch on Monday, defended Trump’s “shock and awe” tariffs as essential for promoting free and equitable trade and for redefining the U.S.’s position in the global economy. He encouraged Trump to ignore requests for a tariff suspension from individuals such as billionaire hedge-fund manager Bill Ackman.

“Bill Ackman is wrong. We don’t need another moratorium for 90 days,” stated Beal and urged to seize the opportunity now.

Beal criticized the Federal Reserve’s monetary policies and the government’s deficit spending, asserting they have concealed the actual condition of the U.S. economy. He claimed that the real economy’s GDP has been contracting, while the reported GDP growth is primarily due to government spending.

The banker further contended that the U.S.’s trade deficit and fiscal deficit are untenable and must be addressed immediately to prevent long-term economic distress. Beal recognized the immediate effect of high tariffs on financial markets but maintained that there is no other feasible route forward.

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Why It Matters: Beal, a staunch supporter of Trump, has donated approximately $5 million to Trump’s presidential campaigns. Despite this, he has seldom publicly discussed his political leanings. He felt the need to express his support for Trump’s policies because of the growing public backlash over their effect on financial markets.

Beal’s endorsement comes at a time when other financial figures have expressed concern over Trump’s tariff policies. Bill Ackman warned of the potential economic repercussions of escalating tariffs, stating that business relies heavily on trust and confidence. Ackman also called for a 90-day pause on tariff implementation. Similarly, Jamie Dimon, CEO of JPMorgan Chase & Co. JPM, cautioned that the tariffs could trigger inflation and slow the U.S. economy. Beal’s public support for Trump’s tariffs, despite these warnings, underscores the divisive nature of the policy.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.