Bill Ackman, General Director of Pershing Square Capital Management, says during the interview in the episode “The David Rubenstein Show: Peer-to-Peer Conversations” in New York on November 28, 2023.
Jeenah Moon Bloomberg Getty images
Bill Ackman, an investor of the billionaire, said that America was heading towards “economic nuclear winter” as a result of the implementation of the tariff policy of the US President Donald Trump.
“By arranging huge and disproportionate tariffs on our friends and our enemies, and thus starting a global economic war against the whole world, we are in the process of destroying trust in our country as a trading partner”, Ackman, who supported Trump during elections, wrote on the social media platform X.
The latest Trump tariffs, signed Wednesday, set a 10% basic fee for all imports, hitting over 180 countries and driving global markets.
China is in the face of the highest tariffs, with Trump administration imposed 54% of their duties from January. Beijing took revenge With 34% tariffs for all goods imported from the USA.
According to data from Factet, last Friday last Friday last Friday last week in the USA, because Trump Stoke's movements are afraid of global economic slowdown. JP Morgan last week he raised a chance for an American and global recession up to 60% By the end of the year, compared to 40% earlier.
“Business is a game of trust. The president loses the trust of business leaders around the world,” said Ackman.
“The consequences for our country and millions of our citizens who supported the president-in particular low-income consumers, who are already subject to huge economic stress-will be very negative. They will not be as we voted,” said the head of the hedge fund.
Trump has the option of calling a time limit for any negotiations to resolve any “unfair” tariff agreements.
“Alternatively, we are aiming at a self-designed, economic nuclear winter and we should start focusing,” he said.
In a separate tweetAckman also took potshots in the American Secretary of Trade Howard Lutnick. “He is gaining profit when our economy is imploded. A bad idea is the choice of a trade secretary whose company is long permanent income,” said Ackman, adding that this is “an inconsistency of the conflict of interest.”
On Sunday, Lutnick told CBS that Trump's administration will remain steadfast in its mutual tariffs towards key trading partners Even in the face of a global spare route.
The US Trade Department did not immediately answer at the request of CNBC for comment.