Key Takeaways
- • Citadel CEO Ken Griffin said on October 21, 2026, at the Citadel Securities Future of Global Markets conference that President Trump's tariffs have been "pro-inflation" and have severed global supply chains, arguing the US will not industrialize efficiently under the current approach.
- • Griffin cited a US unemployment rate of 4.2% and argued that most American workers do not want factory jobs, identifying labor availability as a significant obstacle to reindustrialization.
- • Griffin advocates using artificial intelligence and robotics to run US factories, and in September 2026 announced a $3 billion gift to Carnegie Mellon University Miami.
- • Moody's chief economist Mark Zandi said native-born workers would take manufacturing jobs only at substantially higher wages, which he said would make many operations uneconomic.
- • The Bureau of Labor Statistics reported manufacturing was 7.4% of total US employment in 2025 and projected a decline to 7.2% by 2035.
Summary
Citadel CEO Ken Griffin criticized the Trump administration's tariff strategy on October 21, 2026, saying that US manufacturing continues to face persistent labor shortages and higher production costs despite the president's push to restore domestic industry through tariffs. Speaking at the Citadel Securities Future of Global Markets conference, Griffin argued that tariffs have fueled inflation and disrupted international supply chains rather than making American industrial production more efficient.
The remarks come roughly 18 months after Trump outlined his manufacturing agenda in a Rose Garden address associated with Liberation Day, when he promised a resurgence in domestic factories and jobs through a sweeping tariff strategy. Griffin said, "To be blunt, like, I hate to say it, but I've been right. It's been pro-inflation." He added that tariffs "have certainly taken supply chains around the world and severed them. And we're not going to industrialize efficiently in our country."
Griffin also questioned whether enough American workers would accept demanding factory jobs, citing a US unemployment rate of 4.2%. "If you have this dream of an industrialized America, number one is most people don't want to live that dream," he said. Moody's chief economist Mark Zandi echoed the labor concerns, noting that unemployment among US-born workers had begun to rise and that attracting native-born workers would require substantially higher compensation. Zandi said such wages would make many operations uneconomic and described the work as "very difficult, very arduous jobs."
Griffin advocates using artificial intelligence and robotics to increase domestic production of goods considered essential to national interests. In September 2026, he announced a $3 billion gift to Carnegie Mellon University Miami to support what he described as the next era of American innovation. Automation has also raised workforce concerns, and Bill Gates proposed a robot tax in an August essay to fund retraining and a stronger safety net.
According to the St. Louis Federal Reserve, about 12.6 million Americans work in manufacturing, concentrated in electrical and component production. The Bureau of Labor Statistics reported that manufacturing accounted for 7.4% of total US employment in 2025 and projected that share would fall to 7.2% by 2035.
The remarks come roughly 18 months after Trump outlined his manufacturing agenda in a Rose Garden address associated with Liberation Day, when he promised a resurgence in domestic factories and jobs through a sweeping tariff strategy. Griffin said, "To be blunt, like, I hate to say it, but I've been right. It's been pro-inflation." He added that tariffs "have certainly taken supply chains around the world and severed them. And we're not going to industrialize efficiently in our country."
Griffin also questioned whether enough American workers would accept demanding factory jobs, citing a US unemployment rate of 4.2%. "If you have this dream of an industrialized America, number one is most people don't want to live that dream," he said. Moody's chief economist Mark Zandi echoed the labor concerns, noting that unemployment among US-born workers had begun to rise and that attracting native-born workers would require substantially higher compensation. Zandi said such wages would make many operations uneconomic and described the work as "very difficult, very arduous jobs."
Griffin advocates using artificial intelligence and robotics to increase domestic production of goods considered essential to national interests. In September 2026, he announced a $3 billion gift to Carnegie Mellon University Miami to support what he described as the next era of American innovation. Automation has also raised workforce concerns, and Bill Gates proposed a robot tax in an August essay to fund retraining and a stronger safety net.
According to the St. Louis Federal Reserve, about 12.6 million Americans work in manufacturing, concentrated in electrical and component production. The Bureau of Labor Statistics reported that manufacturing accounted for 7.4% of total US employment in 2025 and projected that share would fall to 7.2% by 2035.
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