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Trump’s billionaire buddy Bill Ackman takes a guess on what's went wrong with the tariffs
Billionaire Bill Ackman cites, “Trump is not an economist”, and the “global economy is being taken down because of bad math.”
Billionaire hedge fund manager Bill Ackman, a Donald Trump supporter and megadonor, issued an urgent plea to the former president Sunday night, cautioning that the United States is moving towards a “self-induced economic nuclear winter” if Trump’s sweeping tariff strategy isn’t paused and rethought. But he has a theory which may usher in the issue why so “unfair asymmetric tariff deals”?
Taking to X (formerly Twitter), Ackman called on Trump to declare a 90-day moratorium on his proposed 10% tariffs on all imports.
“The President has an opportunity on Monday to call a time out and have the time to execute on fixing an unfair tariff system,” Ackman wrote. “Alternatively, we are heading for a self-induced, economic nuclear winter, and we should start hunkering down.”
Ackman did not hold back in his criticism of Trump administration’s escalating trade tactics
While acknowledging that the US has long been at a disadvantage in global trade, Ackman cited that “President @realDonaldTrump is not an economist and therefore relies on his advisors to do these calculations so he can determine policy. The global economy is being taken down because of bad math.”
“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,” Ackman noted.
“President Trump has elevated the tariff issue to the most important geopolitical issue in the world. So far, so good… But by placing massive and disproportionate tariffs on both our friends and adversaries, we are in the process of destroying confidence in our country as a trading partner.”
Economic indicators are already showing early signs of turbulence
The Dow Jones has taken a hit in recent days, and small businesses are reportedly struggling to absorb increased costs.
“The consequences… for low-income consumers who are already under a huge amount of economic stress—are going to be severely negative. This is not what we voted for,” Ackman wrote.
