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Bill Ackman, a billionaire hedge fund investor who supported President Trump last year, is warning about the dangers of the White House’s tariff plans, claiming they might destroy the economy and disproportionately harm Trump voters.
«The game of business is one of confidence. Global business executives are becoming less trusting of the president. There will be dire repercussions for our nation and the millions of people who have backed the president, especially low-income customers who are already dealing with a great deal of financial strain,» he wrote.
Ackman opened a long post on the social media site X by applauding Trump’s approach and asserting that the country is «100%» behind him in resolving a trade system that hurts the nation.
According to Ackman, «by placing massive and disproportionate tariffs on our friends and our enemies alike and thereby launching a global economic war against the whole world at once, we are in the process of destroying confidence in our country as a trading partner, as a place to do business, and as a market to invest capital,» even though Trump has brought the issue to the forefront and captured everyone’s attention.
In order to negotiate and resolve «asymmetric tariff deals, and induce trillions of dollars of new investment in our country,» he suggested that Trump think about announcing a «90-day time out.»
Businesses will stop investing, consumers will stop spending, and we will seriously harm our reputation with the rest of the world, which could take years or even decades to repair, Ackman wrote, if that doesn’t happen and the United States instead starts «economic nuclear war on every country in the world.»
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In the midst of an economic nuclear war, which CEO and board of directors will feel comfortable making significant, long-term financial commitments in our nation? I’m not aware of anyone who will.
«New investment stops, consumers stop spending money, and businesses have no choice but to curtail investment and fire workers,» according to Ackman’s prediction in the event of a market crash.
Due to the massive tariffs that Trump announced, markets have already plummeted for two days. On Sunday night, futures were down sharply before the Monday morning open.
According to Ackman, if the unfavorable outcomes materialize, entrepreneurs, small and medium-sized enterprises, and large corporations will all suffer. Additionally, he forecast price increases, which Trump administration officials played down on Sunday.
«Very few companies are able to raise prices significantly for their clients overnight. Sadly, there is a great deal of leverage in the system, so it is true even if they are debt-free.
