Josh Weiner
Billionaire hedge fund manager Bill Ackman is sounding the alarm over President Donald Trump’s aggressive tariff strategy, warning that the U.S. is barreling toward a self-inflicted economic crisis that could devastate both business confidence and working-class Americans.
“Business runs on confidence—and right now, the president is losing the trust of business leaders across the globe,” said Ackman, CEO of Pershing Square Capital Management.
In a sharply worded statement on social media, Ackman criticized Trump’s sweeping tariff plan, calling it a reckless move that’s isolating the U.S. from the global economy. “By slapping indiscriminate tariffs on allies and adversaries alike, we’re not just starting a trade war—we’re undermining our country’s credibility as a reliable trading partner,” he said.
Ackman, who supported Trump during his initial run for office, now warns that the current policy path is setting the stage for what he described as an “economic nuclear winter.”
Tariffs Trigger Global Shockwaves
The latest tariff wave, signed into effect last week, imposes a 10% base tariff on all imports—impacting over 180 nations and jolting financial markets worldwide.
China, the primary target, has been hit hardest, with cumulative tariffs now reaching 54% on Chinese goods since February. Beijing fired back with a 34% levy on all U.S. imports, further deepening the standoff.
Markets responded swiftly. Last week ended with U.S. equities plunging— the S&P 500 shed over 9%—amid growing fears that the escalating trade war could tip the global economy into recession. According to recent data, recession odds have surged, with some analysts now forecasting a 60% chance of a U.S. and global downturn before year-end.
“This Is Not What We Voted For”
Ackman didn’t hold back when addressing the impact on everyday Americans. “Millions of citizens who supported the president—particularly low-income consumers already struggling with inflation and wage stagnation—will be the hardest hit,” he said. “This isn’t the economic vision they were promised.”
He urged Trump to consider pressing pause on the current tariff rollout to allow room for renegotiation of what the administration views as “unfair” trade deals. Failing that, Ackman warned, “we’re heading into an economic winter of our own making, and we better start preparing.”
Conflict of Interest in Commerce?
In a separate post, Ackman also criticized U.S. Commerce Secretary Howard Lutnick, alleging a conflict of interest tied to his financial firm’s exposure to fixed-income investments. “Choosing someone with a vested interest in economic downturns to oversee trade policy is a mistake,” he said.
Despite growing pressure from Wall Street, the administration has remained defiant. In an interview over the weekend, Secretary Lutnick emphasized that the U.S. will maintain its tough stance on reciprocal tariffs, even in the face of global market volatility.
As tensions mount and markets buckle, the world is watching to see whether the administration will dig in—or dial back—before the fallout becomes irreversible.
