Billionaire entrepreneur Mark Cuban is being straightforward as ever when it comes to the economic impact of President Donald Trump’s tariff policies.
Over the past couple of weeks, Cuban has warned that the latest round of sweeping tariffs and deep government cuts could do serious damage to the U.S. economy. In fact, he believes it could be even worse than the 2008 financial crisis.
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On social-media platform Bluesky, Cuban explained how the tariffs are already affecting businesses in ways some people may be overlooking.
“What some people aren’t factoring into their analysis is the reality that companies were buying tons of inventory to beat the tariffs,” Cuban wrote on Wednesday. “That’s cash taken from being able to invest or hire. In fact, they probably cut costs and jobs as a result.”
In short, companies scrambled to stock up before tariffs kicked in, tying up cash they would’ve used for hiring or growing their business. Instead, they had to slash budgets and, in many cases, lay people off.
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Cuban believes this could just be the beginning. In a stark warning on Bluesky, he said, “If the new tariffs stay in place for multiple years, and are enforced and inflationary, and [the Department of Government Efficiency] continues to cut and fire, we will be in a far worse situation than 2008.”
DOGE has been slashing federal jobs and funding under Elon Musk’s leadership. The cuts have affected everything from the IRS’s tax enforcement unit to the Consumer Financial Protection Bureau.
Cuban says these cuts, combined with rising costs from tariffs, could devastate both consumers and the broader economy. Trump temporarily paused most tariffs for 90 days, but Cuban isn’t impressed.
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Cuban reminded voters that they shouldn’t be surprised when campaign promises turn into policy. “Elections have consequences,” he posted.
During a recent appearance on “The Lincoln Project Podcast,” Cuban explained he actually supports reducing the size of government—but not the way it’s being done now.
