Home Depot co-founder Ken Langone admitted Tuesday that his initial skepticism over former President Donald Trump’s tariff policy was misplaced, declaring himself “sold” on the former president’s economic approach.
Appearing on CNBC’s Squawk Box, Langone shared his change of heart shortly before the Bureau of Labor Statistics reported a 2.7% year-over-year increase in the Consumer Price Index for June—figures in line with expectations. Langone, who previously referred to Trump’s tariff strategy as “bullshit” in 2018, acknowledged he had been wrong.
“I think, damn it, give Trump credit—his instincts are good,” Langone said. “Some of these things need to be fixed. Look at Germany and Japan. After World War II, we helped rebuild them, and today they’re thriving. But now, we’re not getting fair treatment.”
Langone cited imbalanced automotive trade tariffs, noting Germany imposes a 10% tariff on U.S. car imports, while the U.S. only imposes a 2.5% tariff on German vehicles. “Every other car in America is a Mercedes,” he said. “They’re selling way more cars here than we sell there. That’s wrong.”
Trump introduced reciprocal tariffs in April to address what he called “horrendous imbalances” in global trade. While the policy was met with sharp criticism from some business leaders at the time, Langone now views the strategy as effective.
“I think there’s going to be a settling-in period, but look at what he’s doing—even in the Middle East,” Langone said. “He’s making $3 trillion worth of deals. These are real numbers. I’m a believer.”
Co-host Joe Kernan noted Langone’s previous opposition to Trump, to which Langone replied, “That’s true. But what I’m seeing now is absolutely nothing short of a great thing.”
Langone, who supported former U.N. Ambassador Nikki Haley in the 2024 Republican primaries, said he felt “betrayed” by Trump following the events of January 6, 2021. However, after the July 2024 assassination attempt on Trump in Butler, Pennsylvania, Langone’s outlook shifted.
In a post-incident interview with Neil Cavuto, Langone said Trump now has “an opportunity to carve a very significant place in history.”
“Knowledge means admitting when you were wrong,” Langone told Squawk Box. “I think this guy is turning out to be a president, right? One of the pilots from that Iran mission told him, ‘You’re the only president who would’ve done that.’ And you know what? He’s probably right.”