Breaking News: The real ‘Wolf Of Wall Street’ backs Donald Trump’s tariffs: “The path we were on before is simply unsustainable….Read More 👇

The US President’s tariffs sent the stock markets tumbling

Jordan Belfort, known as the ‘real-life Wolf Of Wall Street’, has backed Donald Trump‘s tariffs.

Back in February, President Trump signed an executive order to impose tariffs on imports from a number of countries but due to backlash, he delayed the majority of them.

Last Wednesday (April 2) he shared his new, revised plan with imports from most countries with Trump saying the measures were payback for unfair trade policies, adding that he had been “very kind” in his decisions. He believes the move will “make America wealthy again” but the news triggered a slump in the global stock market, with US markets having their worst day since COVID (via the BBC News).

Since then he has paused the higher-band tariffs on countries for 90-days with the exception of China, where he has imposed a 125 per cent tariff on Chinese goods.

Now, in a new interview with Sky News, Belfort – who was famously played by Leonardo DiCaprio in the 2013 Martin Scorsese film – said that while he is against tariffs generally, President Trump’s dramatic intervention was necessary as the US has an “insane” trade imbalance and imports far more than it exports.

He added: “The United States has been drained of its wealth, drained of its factories. It’s not gonna be pretty. There’s going to be pain – but the path we were on before is simply unsustainable. It had to change.”

Belfort went on to say he was sceptical over fears the tariffs will hit US consumers hard, with some predicting goods – including popular items such as the iPhone – could jump in price if costs are passed on.