Stan Druckenmiller, Scott Bessents former boss, says hes opposed to Trump tariffs exceeding 10%

Stanley Druckenmiller, the billionaire hedge fund manager who was once Treasury Secretary Scott Bessent’s boss when they both worked as money managers for George Soros, said he is opposed to President Trump’s tariffs exceeding 10%.Druckenmiller, the GOP-aligned investor who doesn’t often weigh in on social media, took to X on Sunday to express his opposition to Trump’s “reciprocal” tariffs that have triggered a massive selloff in the equities markets.“I do not support tariffs exceeding 10% which I made abundantly clear in the interview you cite,” Druckenmiller wrote on his X account in response to an economist who uploaded footage of a past interview that the billionaire conducted with CNBC.Druckenmiller granted CNBC an interview on Inauguration Day during which he appeared resigned to tariffs though he urged moderation in applying them — calling them a “lesser of two evils” when compared with raising income tax.“I don’t want to exit this interview as ‘tariff man’,” he told CNBC on Jan.20.“In a perfect world, I would not be for a 10% tariff, but we’re not in a perfect world.”Druckenmiller said that moderate tariffs were acceptable since “we have a fiscal problem” and “we need revenues.”“Tariffs will generate revenues,” he said, adding: “To me, tariffs are simply a consumption tax that foreigners pay for — at least part of it.”Druckenmiller cautioned against “retaliation” from foreign countries while downplaying “the fear of Donald Trump” — though he qualified that comment by adding “as long as we stay in the 10% range.”Druckenmiller is widely regarded as one of the most successful money managers of his generation.In 1981, he founded his own firm, Duquesne Capital Management.Throughout his career, Druckenmiller delivered hefty returns, with Duquesne Capital reportedly never having a down year before he closed it to outside investors in 2010, citing the pressure of maintaining his high performance....