Trump’s leadership began to hurt US, says venture capitalist

Trump’s leadership began to hurt US, says venture capitalist

Agency News

In a newly released interview, one tech venture capitalist said Trump’s leadership has begun to hurt American companies.

“Trump’s unpredictability and his way of negotiating is not good for business,” says John Borthwick, whose firm Betaworks has backed hundreds of companies including Twitter (TWTR) and Gimlet Media, since acquired by Spotify (SPOT).

While acknowledging Trump’s ability to oversee strong economic performance, which has included record low unemployment and high corporate profits, he questioned Trump’s role in producing the boom.

“I think the economic prosperity and the run, which we're on now, started way before him. And it will end at some point because cycles do,” Borthwick said.

Borthwick, who in the 1990s and 2000s worked on technology development at AOL and Time Warner, joins members of the business community who in recent months have criticized Trump for his negotiating tactics.

On Wednesday, 200 footwear companies, including Adidas (ADDYY) and Foot Locker (FL), called on Trump to abandon a proposed tariff increase on Chinese goods.

The American Chamber of Commerce in China conducted a survey in May of almost 250 member companies that found about 75% of its members reported that the increase of U.S. and China tariffs have negatively affected their business.

Trump tweeted last Friday plans to slap an additional 5% tariff on $250 billion in goods already being taxed as well as on $300 billion worth of Chinese goods set to be taxed beginning in September.