Billionaire investor and Trump supporter Bill Ackman has called on the U.S. president to pause his aggressive tariff campaign, warning that it could spark a global economic collapse and hit working-class Americans the hardest.
“The President has an opportunity to call a 90-day time out,” Ackman said in a post on X, formerly Twitter, urging negotiations instead of escalation.
His comments come as U.S. financial markets reel from the impact of sweeping new tariffs announced by Donald Trump. Investors shed $2 trillion in market value last week, and futures pointed to further losses.
A crisis of confidence in business
Ackman warned that the president is eroding trust within the business community—trust that is crucial to economic stability.
“Business is a confidence game. The president is losing the confidence of business leaders around the globe,” he wrote. “The consequences for our country and the millions of our citizens who have supported the president — in particular low-income consumers who are already under a huge amount of economic stress — are going to be severely negative.”
He added, “This is not what we voted for.”
Ackman’s warning was blunt: if the White House moves forward with what he calls an “economic nuclear war,” business investment could stop overnight, and consumer spending could dry up.
‘Massive and disproportionate’ tariffs under fire
In his detailed post, Ackman acknowledged the need to fix an “unfair” system of global tariffs. “The country is 100% behind the president on fixing a global system of tariffs that has disadvantaged the country,” he wrote.
But he criticised Trump’s sweeping approach, which targets allies and rivals alike.
“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,” Ackman wrote.
Warning of a long-term economic fallout
Ackman urged the president to step back and take time to craft better trade deals. “The President has an opportunity on Monday to call a time out and have the time to execute on fixing an unfair tariff system.”
Failing that, he predicted deep and lasting consequences.
“If, on the other hand ... we launch economic nuclear war on every country in the world, business investment will grind to a halt, consumers will close their wallets and pocket books, and we will severely damage our reputation with the rest of the world that will take years and potentially decades to rehabilitate.”
He asked a direct question: “What CEO and what board of directors will be comfortable making large, long-term, economic commitments in our country in the middle of an economic nuclear war? I don’t know of one who will do so.”
Small businesses, big trouble
The billionaire warned that both large corporations and small businesses would face the heat.
“Almost no business can pass through an overnight massive increase in costs to their customers. And that’s true even if they have no debt, and, unfortunately, there is a massive amount of leverage in the system,” Ackman said.
He also raised concerns about job losses. “If markets crash, new investment stops, consumers stop spending money, and businesses have no choice but to curtail investment and fire workers.”
Ackman’s remarks sparked debate across political and financial circles. Critics such as investor Ross Gerber and former chess champion Garry Kasparov pushed back, calling Trump’s trade policies “garbage policy.”
Gerber especially took issue with Ackman’s earlier suggestion that appearing “crazy” in negotiations might be an intentional strategy.
Though traditionally a donor to Democratic candidates, Ackman backed Trump in the 2024 presidential race, citing national security concerns. His support for Trump, however, hasn’t stopped him from criticising policy when he believes it threatens the economy.
He also advised foreign leaders to speak directly to Trump, arguing that the president views international relations as a series of transactional deals. “President @realDonaldTrump has elevated the tariff issue to the most important geopolitical issue in the world,” Ackman noted.
When asked on social media whether he agreed with how the new tariffs were calculated, Ackman replied simply: “No.”
He also echoed concerns that a trade war could allow non-allied nations to gain geopolitical leverage against the U.S. under the guise of trade retaliation.
“Cooler heads must prevail”
Ackman concluded with a final plea.
“Alternatively, we are heading for a self-induced, economic nuclear winter, and we should start hunkering down. May cooler heads prevail.”
The coming days could prove crucial, as the world watches whether the White House doubles down—or steps back from the brink.
“The President has an opportunity to call a 90-day time out,” Ackman said in a post on X, formerly Twitter, urging negotiations instead of escalation.
His comments come as U.S. financial markets reel from the impact of sweeping new tariffs announced by Donald Trump. Investors shed $2 trillion in market value last week, and futures pointed to further losses.
A crisis of confidence in business
Ackman warned that the president is eroding trust within the business community—trust that is crucial to economic stability.
“Business is a confidence game. The president is losing the confidence of business leaders around the globe,” he wrote. “The consequences for our country and the millions of our citizens who have supported the president — in particular low-income consumers who are already under a huge amount of economic stress — are going to be severely negative.”
The country is 100% behind the president on fixing a global system of tariffs that has disadvantaged the country. But, business is a confidence game and confidence depends on trust.
— Bill Ackman (@BillAckman) April 6, 2025
President @realDonaldTrump has elevated the tariff issue to the most important geopolitical…
He added, “This is not what we voted for.”
Ackman’s warning was blunt: if the White House moves forward with what he calls an “economic nuclear war,” business investment could stop overnight, and consumer spending could dry up.
‘Massive and disproportionate’ tariffs under fire
In his detailed post, Ackman acknowledged the need to fix an “unfair” system of global tariffs. “The country is 100% behind the president on fixing a global system of tariffs that has disadvantaged the country,” he wrote.
But he criticised Trump’s sweeping approach, which targets allies and rivals alike.
“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,” Ackman wrote.
Warning of a long-term economic fallout
Ackman urged the president to step back and take time to craft better trade deals. “The President has an opportunity on Monday to call a time out and have the time to execute on fixing an unfair tariff system.”
Failing that, he predicted deep and lasting consequences.
“If, on the other hand ... we launch economic nuclear war on every country in the world, business investment will grind to a halt, consumers will close their wallets and pocket books, and we will severely damage our reputation with the rest of the world that will take years and potentially decades to rehabilitate.”
He asked a direct question: “What CEO and what board of directors will be comfortable making large, long-term, economic commitments in our country in the middle of an economic nuclear war? I don’t know of one who will do so.”
Small businesses, big trouble
The billionaire warned that both large corporations and small businesses would face the heat.
“Almost no business can pass through an overnight massive increase in costs to their customers. And that’s true even if they have no debt, and, unfortunately, there is a massive amount of leverage in the system,” Ackman said.
He also raised concerns about job losses. “If markets crash, new investment stops, consumers stop spending money, and businesses have no choice but to curtail investment and fire workers.”
Ackman’s remarks sparked debate across political and financial circles. Critics such as investor Ross Gerber and former chess champion Garry Kasparov pushed back, calling Trump’s trade policies “garbage policy.”
Gerber especially took issue with Ackman’s earlier suggestion that appearing “crazy” in negotiations might be an intentional strategy.
Though traditionally a donor to Democratic candidates, Ackman backed Trump in the 2024 presidential race, citing national security concerns. His support for Trump, however, hasn’t stopped him from criticising policy when he believes it threatens the economy.
He also advised foreign leaders to speak directly to Trump, arguing that the president views international relations as a series of transactional deals. “President @realDonaldTrump has elevated the tariff issue to the most important geopolitical issue in the world,” Ackman noted.
When asked on social media whether he agreed with how the new tariffs were calculated, Ackman replied simply: “No.”
He also echoed concerns that a trade war could allow non-allied nations to gain geopolitical leverage against the U.S. under the guise of trade retaliation.
“Cooler heads must prevail”
Ackman concluded with a final plea.
“Alternatively, we are heading for a self-induced, economic nuclear winter, and we should start hunkering down. May cooler heads prevail.”
The coming days could prove crucial, as the world watches whether the White House doubles down—or steps back from the brink.
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