Billionaire Trump Supporter Bill Ackman Begs Him For '90 Day Time-Out' on Tariffs to Avoid 'Economic Nuclear War' [View all]
Source: Mediaite.com
Billionaire investor Bill Ackman, a very public supporter of President Donald Trump who was out front during the 2024 campaign, begged the president on Sunday to delay his sweeping new tariff policy set to take effect this week, warning Sunday it could trigger an “economic nuclear war.”
In a lengthy post on his X page, the hedge fund manager called for a 90-day pause to give time for negotiations and avoid a global loss of confidence in the US. The tariffs, part of Trump’s plan to rectify what he has classified as decades of wrongs in trade relationships, are scheduled to take effect on April 9. “Business is a confidence game,” Ackman wrote. “The president is losing the confidence of business leaders around the globe.”
Ackman, the founder and CEO of Pershing Square Capital, said he agrees with Trump’s goal of fixing what he called a broken and unfair global tariff system. But he warned that imposing massive tariffs on allies and adversaries risks freezing investment, damaging consumer confidence, and crushing the economy.
“If we go forward with this, markets will crash, consumers will stop spending, and companies will cut investment and jobs,” Ackman wrote. He also warned that small and mid-sized businesses would be hit the hardest as they would be unable to absorb increases in their operating costs. Ackman also said the country is on the verge of losing its reputation as a reliable trade partner and place to invest. “This is not what we voted for,” he said.
Read more: https://www.mediaite.com/news/billionaire-trump-supporter-bill-ackman-begs-him-for-90-day-time-out-on-tariffs-to-avoid-economic-nuclear-war/
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