Venture Capitalist Chamath Palihapitiya said Thursday on Fox News that the “global elites” are panicking because they no longer control how “governments behave.”
President Donald Trump announced on April 2 a list of countries to hit with reciprocal tariffs. Political pundits, lawmakers, and experts clashed over whether the plan would benefit America. By Wednesday, Trump announced a 90-day pause on the tax charge for all countries except China, with the stock market rising in response.
While on “The Ingraham Angle,” host Laura Ingraham asked Palihapitiya if he believed “the establishment” had “wrecked” America’s economy, forcing Trump to attempt to “fix it.”
“I think the thing is that the global elite have deeply benefited from a 20-year regime of taking jobs and moving them anywhere in the world that allowed you to optimize for profit, number one,” Palihapitiya said. “It benefited from an economic regime of low volatility, where you could keep interest rates effectively at zero for quasi forever.”
“The reality now is that what they see is an inability to create and scaremonger the White House into economic policy,” Palihapitiya added. “I think that this is very troublesome for them, because they’ve been able to control, from Wall Street or from London or from these other places, how governments behave. So what you see right now is them violently trying to push back and trying to create a narrative.”
Since Trump’s tariff announcement, Democrats have publicly criticized the president’s decision, with some saying the party needs “to get to the bottom of the possible stock manipulation.”
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Palihapitiya went on to say that while the stock market may be volatile, it’s not crashing, adding that the U.S. needs to “follow through” with pushback of the “global order.”
“For example, if you opened up the papers, there is an entire wing of the media that is now trying to say that the president, quote unquote, blinked,” Palihapitiya said. “Why do they want us to think that? I think they want us to think that because they want to believe that they can talk about the stock market and then affect policy every five and 10 minutes.”
“But I just want everybody to realize the stock market is back to where it was on May 26 of 2024. By no means is this a crash. Absolutely, there’s volatility,” Palihapitiya said. “But we are not in a place where it is time to all of a sudden revisit these aspirations that we’ve had. We are in a unique moment in time where we have the ability to reset the global order, and we have to follow through.”
With a baseline 10% tariff placed on roughly 60 countries, Trump announced that higher tariffs would target certain nations, like China, based on their own tariffs against the U.S. While Trump later paused the tariffs for all but China, he said that at least 75 countries have since reached out to negotiate deals.
(Featured Image Media Credit: Screenshot/Fox News/”The Ingraham Angle”)
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