Ken Griffin says the U.S. government is turning into a backroom favor factory, and he’s naming names. On Thursday, during a live interview with CNBC’s Sara Eisen in Miami, the Citadel CEO tore into the Trump administration for cutting what he called “anti-American” deals with huge companies like Apple that let them dodge full tariff burdens. “Is that our country, that we’re going to favor the big and the connected? That’s not the American story,” Ken said. He didn’t stop at calling it unfair. Ken warned that when Washington starts choosing which companies win and which ones lose, the whole system crumbles. “When the state becomes involved in picking winners and losers, there’s only one way this game ends: All of us lose.” And right now, that’s exactly what’s happening. A growing line of companies is showing up at the White House, hoping for special exemptions while smaller businesses eat the costs. Ken called that line “nauseating.” Ken slams Apple’s tariff break and Tim Cook’s White House favor Apple, the most valuable tech company in the world, is once again getting a pass. Ken said the iPhone maker should “100% not” be exempt from Trump’s tariffs. Most of Apple’s hardware has been produced in China, with newer manufacturing happening in India and Vietnam. Still, after Apple CEO Tim Cook pledged to invest another $100 billion in U.S. suppliers , on top of the $500 billion already committed, Trump’s administration gave them a green light to skip a planned 100% tariff on semiconductors. That investment wasn’t all Cook offered. He also presented Trump with a custom-made Apple plaque featuring a gold base, another move Ken clearly saw as a tactic to curry favor. “We’re just going to continue to favor big and connected businesses in America?” he asked, pointing straight at the cronyism baked into these types of arrangements. Cook’s deal follows a pattern that’s been going on since Trump’s first term in office, when Apple also avoided tariffs thanks to a trade agreement with China. Ken was blunt: this is not about policy or competitiveness, it’s about which CEO knows which politician. And the outcome, he said, is a dangerous shift where companies stop innovating and start lobbying. “The core competency won’t be that you can drive innovation,” he said. “It’s that you can drive the right favors from D.C.” Ken warns that the White House favor line is a trap Ken said this kind of government behavior sets a trap for companies who play the game now but don’t think ahead. He warned that businesses who bend over for today’s leadership might end up in trouble when a new president takes over. “It’s the government’s engagement in picking winners and losers. And we should tread carefully on that water,” he said. “In fact, we should just stay out of it. That’s where the crocodiles live.” He’s also raising the alarm on how tariffs affect everyday Americans. Ken compared them to a national sales tax, saying they hurt lower-income households more because they spend a bigger chunk of their income on consumer goods. “There are issues of equity and fairness,” he said, making it clear that this is about who actually carries the financial weight. Despite all the noise, Apple’s stock has been climbing. Earlier this week, it became the last of the mega-cap tech companies to turn positive for the year. Year-to-date, it’s up just over 1%. In the last three months, Apple shares have jumped more than 25%, outpacing the rest of the market. But after Ken’s Thursday remarks aired, Apple stock dipped slightly from its highs during the session. If you're reading this, you’re already ahead. Stay there with our newsletter .
