Hedge funder Ken Griffin doesn’t get why Trump wants to take China’s jobs: ‘Why are we aspiring to be the nation of the lowest- cost workforce in the world?’

• Citadel CEO Ken Griffin says President Donald Trump’s tariff policy on China is misguided as the jobs it would “reshore” are mostly those making low-value items. “There’s no money in there for anybody, and there’s certainly no money for doing those jobs,” Griffin said at a forum in New York.

Ken Griffin, the founder and CEO of Citadel Securities who backed Donald Trump in 2024 election, is taking issue with the president’s tariff policy.

Griffin tore into Trump’s tariffs during an appearance Thursday at the Forbes Iconoclast Summit in New York, describing tariffs as “protectionist policy” that “comes at a great price to the U.S. consumer.” 

The president’s shifting tariff policy has resulted, for now, in a 30% tariff on most imports from China and the end of ultra-cheap imports from the likes of fast-fashion label Shein and Temu. And that pain for the U.S. consumer isn’t helping the American worker, Griffin said.

“Americans want to wear Nikes, not make them,” he said, quoting a criticism from New York University marketing professor Scott Galloway. 

“I don’t know why we strive to bring back low value-added products to the United States,” Griffin continued. “There’s no money in there for anybody, and there’s certainly no money for doing those jobs…. Jobs are actually walking out of China into lower-cost jurisdictions. 

“Why are we aspiring to be the nation of the lowest cost workforce in the world?”

In fact, China is asking the same question, according to Griffin. Speaking with Forbes editor-at-large Maneet Ahuja at the summit, Griffin recounted his trip to China in March, when he met with multiple government officials to discuss investing in the country. 

“China dreams to be like the United States—a nation of very high value-added jobs, a nation rich in services, rich in high development … [with] a stunning GDP per capita,” Griffin said.

“‘China aspires to be like the United States,’”Griffin said a Chinese government official told him. The person said, “‘We want to be like you. Why are you trying to be like us?’” and gave “a look of befuddlement,” according to Griffin.

Griffin said he does support reshoring jobs—but for high-technology, high-value products. 

“It’s one thing to make Nikes, it’s another thing to make F-35 fighters,” he said.

This story was originally featured on Fortune.com