Citadel CEO Ken Griffin, a billionaire supporter of President Donald Trump and a megadonor to Republican candidates, had some unusually harsh words for the president about his trade war: It’s hurting America’s standing in the world and eroding the nation’s brand.

Later at the same conference, Stephen Miran, chief economic advisor to President Trump, pushed back on Griffin’s remarks, saying he disagrees with the assertion that the administration’s tariff policy is damaging the American brand. He encouraged investors to look beyond the short-term negative impact created by tariffs.