In a recent lecture at Stanford University's Graduate School of Business, Citadel founder and billionaire Ken Griffin publicly criticized the trade policy of the Trump administration, expressing strong dissatisfaction, particularly with tariff measures. He pointed out that imposing tariffs will not bring manufacturing jobs back to the U.S. as Trump hopes.
In his speech, Griffin stated, "Trump's desire to help people regain their dignity is a positive idea in itself. But expecting to recreate more manufacturing jobs through tariffs is an unrealistic dream." He candidly remarked that the current U.S. unemployment rate has already dropped to about 4%, and there's no need to overly fixate on the issue of manufacturing jobs returning.
Previously, Griffin had warned that the trade war is becoming "absurd," and the tariff policy not only fails to bring the expected economic benefits but is also weakening America's global reputation. In his recent speech, he further noted that the Trump administration is equating national economic strategy to short-term transactional thinking, which is contrary to America's long-term interests.
Griffin emphasized that instead of striving to bring back traditional factory jobs that will eventually be replaced by automation technology, it would be better to focus on developing high-value-added industries like intellectual property and content creation. He noted, "Creative positions bring much higher salary levels compared to making zippers, appliances, or televisions; this is America's real competitive advantage."
Additionally, Griffin discussed the structural impact of globalization. He acknowledged that the U.S. indeed made mistakes in aiding those who lost their jobs due to globalization, and Trump's core base includes those who feel marginalized in the economy. With the rapid rise of artificial intelligence, even white-collar jobs might face new employment pressures in the future, making it especially important to help vulnerable groups reintegrate into the economic system.
In summary, Griffin believes that overall, the U.S. is the biggest beneficiary of globalization. He calls for an end to damaging relationships with other parts of the world and urges focusing on its areas of strength, promoting continuous leadership in the knowledge and innovation economy.
