Billionaire investor Bill Ackman, a prominent Donald Trump supporter, has issued a dire warning about the president’s sweeping new tariffs, cautioning they could trigger a “self-induced, economic nuclear winter.”
The Pershing Square founder urged Trump to implement a 90-day pause on the controversial trade measures to allow for international negotiations, as global markets continue their downward spiral.
The stark warning comes amid growing Wall Street unease, with JPMorgan Chase chairman Jamie Dimon echoing concerns that the tariffs could spike inflation and heighten recession risks.
“The quicker this issue is resolved, the better,” Dimon emphasized in a shareholder letter, noting the compounding damage could become irreversible. Despite the financial turmoil, Trump remains defiant, comparing the tariffs to necessary medicine: “Sometimes you have to take medicine to fix something.”
Trump’s tariff plan—announced last week—imposes a 10% baseline rate on imports, with targeted hikes up to 50% for key trading partners like China, which has already retaliated with its own levies.
Ackman, who switched allegiance from Democrats to back Trump in 2024, acknowledged past trade imbalances but called the measures “massive and disproportionate,” criticizing their blanket application to allies and rivals alike.
As European and Asian markets extend losses, Ackman framed the crisis as an opportunity: A negotiation window could “induce trillions in new investment” if Trump tempers his approach.
Yet with higher tariffs set to activate Wednesday, the president appears unmoved, insisting nations are “dying to make a deal.” The standoff leaves investors bracing for further volatility, with Dimon’s inflation warning underscoring the stakes for American consumers.
