Citadel CEO, Ken Griffin

• The Titan Coverage Fund He warned that rates lead to Crony’s capitalism as the government chooses the winners and losers. Speaking out of the Milken Institute Global Conference, Ken Griffin said Political Trump’s administration exemptions indicate that the United States has already been “in detail, they have not been a age of chronic capitalism”.

The founder and CEO of Citadel, Ken Griffin, sounded the alarm of the rates, saying that they are already doing an “time of chony capitalism”.

Speaking out of the Milken Institute Global Conference, too I talked to Political On Thursday, the turn is going much faster than I expected.

“The rates open their doors to Crony’s capitalism. The government begins to choose winners and losers,” said Griffin. “I thought it would be played over the years. It’s scary to see this game during the weeks.”

He added that the administration of the Trump administration of tariffs for products and industries indicates that “it is very clear that we have already done that, in detail, an age of chronic capitalism”.

This echoes the economist of the Dartmouth College Douglas Irwin, who has warned that the so -called Trump reciprocal rates in particular “would fill the swamp, not drain“Because the pressure pressure for exemptions to possible millions of individual rates would be huge.

After imposing 145% of rates in China last month, the administration issued guidance days after Exempt broad categories of key technology importssuch as smartphones, chips and other electronics.

And after announcing on Thursday the framework of a trade agreement with the United Kingdom that reduced the rates to British cars, the US automobile industry criticized it granting UK cars best treatment.

“This hurts the manufacturers of automobiles, suppliers and workers of North -Americans. We hope that this preferred access for vehicles in the United Kingdom over the North -Americans will not establish a precedent for future negotiations with Asian and European competitors”, ” he said Matt Blunt, President of the American Automotive Policy Council.

Also said Griffin Political Their high expectations for Trump’s second term have declined in the midst of the trade war, adding that the decrease resulting from the dollar and the lower expenditure power will be evident in the next two weeks.

However, he hopes that Trump will be successful, highlighting a fine line between constructive criticism and “only toxic”.

The White House did not respond immediately FortuneThe request for comments. However, a spokesman said Political “The greatest beneficiaries of the first agenda of President Trump Trump of fares, tax cuts and deregulation are American workers. President Trump handed over the historic middle-class historical salary and labor growth in his first term, going to the game level and providing fiscal relief and will do it again in his second term.”

During his Observations to the Milken Conference public On Thursday, Griffin described the rates as essentially a regressive fiscal policy that will increase the cost of goods and “are contrary to the promise that the President made in the North -American people” to improve his standard of living.

He also doubted the number of rates that can create new manufacturing jobs in the United States, noting that only a small fraction of American workers are used in factories, as the economy has evolved into a post-industrial phase, similar to how it was transformed a century ago by agriculture.

Griffin also raised concern that administration’s tax policies will be able to reduce the annual budget deficit to 3% of the 6% GDP, pointing to plans to end the income taxes on the councils and the remuneration of overtime.

And, although the wave of regulation has stopped under Trump and is a “Godsend”, it is not so clear to Griffin, but the amount of deregulation is because cleaning the food chain is also a form of regulation needed to maintain prosperity.

“So I’m not sure of the amount we can go back to the weight of the regulation,” he added. “But stop the deluge of Biden’s administration regulation is incredibly powerful for North -American entrepreneurship.”

This story originally presented to Fortune.com