Bill Ackman urges Trump to halt tariffs to prevent 'self-induced, economic nuclear winter'
Billionaire investor Bill Ackman speaks at 2024 Pershing Square Dinner (Photo: Getty Images)
Billionaire investor Bill Ackman, a supporter of Donald Trump, has urged the US president to temporarily halt the introduction of new trade tariffs to prevent "a self-induced, economic nuclear winter", reports BBC.
Bill Ackman, founder of the hedge fund Pershing Square, stated that the new import tariffs announced by Trump could be disastrous for both the US economy and the global market.
According to the billionaire, the tariffs, which reach up to 50% for several countries, are "massive and disproportionate" and fail to distinguish between America's allies and adversaries.
Ackman pointed out that despite Trump’s claims about job creation and investment, economists warn of the opposite effect - higher prices for Americans and the risk of a trade war.
The billionaire called on the president to take a 90-day pause to reassess unfair trade deals and mitigate significant economic damage.
Warnings and potential consequences
Ackman, who previously supported the Democratic Party, became a vocal Trump supporter in July 2024, advocating for reforms to the global trade system.
However, he stressed that the imposed tariffs not only threaten the US economy but also undermine investor confidence: "This is an economic war against the whole world at once," Ackman noted.
In his post on X, Ackman urged leaders of other countries to seize the opportunity and negotiate with Trump. He emphasized that the president still has a chance to "call a 90-day time-out, renegotiate asymmetric tariff deals, and attract trillions of dollars of new investment into the country."
Trump's new tariff policy, aimed at protecting domestic industries and reducing the trade deficit, has sparked widespread criticism due to its potential to harm international trade relations and increase economic instability.
Ackman insists that inaction could lead to irreversible consequences for both the American economy and the global financial market.
Ackman's concerns are in line with those recently expressed by former President Barack Obama and former Vice President Kamala Harris, who have also been critical of Trump's leadership, particularly his economic policies and disregard for American values.
Both Obama and Harris have raised alarms about the consequences of Trump's actions, including his tariff policies, which they believe will not benefit the country and could harm citizens' rights.
