Citadel CEO Ken Griffin says Trump tariffs on allies are 'a disaster' for Republicans

Billionaire donor predicts party will lose at least one chamber in midterms as inflation erases wage gains

By LineZotpaper

Published21 October 2026

Read Time2 min

Citadel CEO Ken Griffin has called President Donald Trump's tariffs on US allies 'a disaster' and 'pro-inflation,' warning that the trade fights with Canada and Europe could cost Republicans control of Congress in the upcoming midterm elections.

Citadel CEO Ken Griffin has called Donald Trump's tariffs on US allies "a disaster" and said the trade disputes have fueled inflation as Republicans head into a difficult midterm election season.

Speaking at the Future of Global Markets Conference in New York on Tuesday, Griffin told Bloomberg's Dani Burger that the tariff battles with Canada, Europe and other allies had been "pro-inflation" and had "severed" global supply chains. "I hate to say it, but I've been right," he said.

Griffin, who said he has been supporting Republican candidates this election cycle, predicted the party would almost certainly lose at least one chamber of Congress. "The House almost is in a really tough spot and the Senate's going to be really close," he said.

The economic backdrop is challenging for Republicans. US consumer prices rose 3.7% in September from a year earlier, and inflation has erased nearly all of the average worker's hourly wage gains since Trump returned to office. Fuel affordability and housing supply were also cited as pain points.

Griffin also criticized the administration's handling of the war in Iran, saying the president had "done a very poor job of explaining why," and called the treatment of immigrants "disgraceful." He said he believes in border security but argued that employed immigrants already in the country should be offered "a path to being a contributing member of our society."

Analysis

Why This Matters

Griffin is a major Republican donor publicly breaking with the White House on trade policy weeks before the midterms.
His comments link Trump's tariffs to inflation, which has erased nearly all of the average worker's hourly wage gains since the president returned to office.
His prediction that Republicans will lose at least one chamber points to the political stakes of the unresolved trade disputes.

Background

Midterm elections decide control of the House and Senate. Griffin, founder and CEO of Citadel, one of the world's largest hedge funds, said he has been supporting Republican candidates this cycle. Trump's trade disputes with Canada and the EU remain unresolved; in July the president announced an additional 50% tariff on certain Canadian imports, which took effect in August. US consumer prices were up 3.7% in September from a year earlier.

Key Perspectives

Ken Griffin: He argues the tariff battles have been pro-inflation and have severed global supply chains, that the president has failed to explain the war in Iran, and that employed immigrants already in the country should have a path to stay and contribute. Republican candidates and voters: The source notes that fuel affordability and a lack of housing supply have become pain points for Republicans. Griffin says the House is in a "really tough spot" and the Senate will be close, framing the midterms as a check on the party in power. Critics and skeptics: Griffin's forecast is hedged, with Republicans "almost certainly" losing at least one chamber rather than a guaranteed loss, and political conditions could shift before Election Day.

What to Watch

Whether Republicans lose control of the House, the Senate, or both in the midterms, as Griffin predicts.
The next inflation and wage figures, after September data showed prices up 3.7% year over year.
Whether the tariff disputes with Canada and the EU are resolved or escalate before voters go to the polls, and whether the additional 50% duties on Canadian imports remain in force.

Sources

Ken Griffin calls Trump’s tariffs on US allies 'a disaster' and predicts it will hurt Republicans in the midterms · All Content from Business Insider

Checked

12 claims in this story checked against 1 source: 9 supported.

Show each claim

SupportedGriffin called Trump’s tariffs on US allies “a disaster.”All Content from Business Insider: ““I think that the tariff battles with Canada, with Europe, with our allies has just been a disaster,” Griffin said.”
Not in the sourcesGriffin is a billionaire donor.All Content from Business Insider
SupportedGriffin predicted Republicans would lose at least one chamber in the midterms.All Content from Business Insider: “Griffin predicted Republicans would almost certainly lose control of at least one chamber of Congress”
Partly supportedInflation has erased wage gains.All Content from Business Insider: “inflation has erased nearly all of the average worker’s hourly wage gains since Trump returned to office.”
Partly supportedGriffin warned that trade fights with Canada and Europe could cost Republicans control of Congress.All Content from Business Insider: “Ken Griffin sees trouble ahead for Republicans and says Donald Trump’s fights with America’s allies are part of the problem.”
SupportedGriffin described the tariff battles as “pro-inflation.”All Content from Business Insider: ““It’s been pro-inflation.”
SupportedGriffin said the tariff battles had “severed” global supply chains.All Content from Business Insider: “It has certainly taken supply chains around the world and severed them,”
SupportedGriffin said, “The House almost is in a really tough spot and the Senate’s going to be really close.”All Content from Business Insider: ““The House almost is in a really tough spot and the Senate’s going to be really close,” Griffin said.”
SupportedUS consumer prices rose 3.7% in September from a year earlier.All Content from Business Insider: “US consumer prices rose 3.7% in September from a year earlier”
SupportedGriffin said Trump had “done a very poor job of explaining why” the war in Iran.All Content from Business Insider: ““The war in Iran is very unpopular. I think he’s done a very poor job of explaining why,” Griffin said.”
SupportedGriffin called the administration’s treatment of immigrants “disgraceful.”All Content from Business Insider: “Griffin also has thoughts on Trump’s explanation of the war in Iran and called the administration’s treatment of immigrants “disgraceful.””
SupportedGriffin said employed immigrants already in the country should be offered “a path to being a contributing member of our society.”All Content from Business Insider: “immigrants who are already here should be offered “a path to being a contributing member of our society””