Billionaire hedge fund manager Bill Ackman is sounding the alarm over Donald Trump’s latest tariff plans, urging the former president to hit pause before causing long-term damage to the US economy and global trust.
“This is not what we voted for,” Ackman wrote on X (formerly Twitter) on Sunday.
Ackman, the founder of Pershing Square Capital, supported Trump during his campaign but now says the new trade policy is deeply misguided. He warned that these across-the-board tariffs—rolled out last week—risk launching an “economic nuclear war” that could crush business investment, consumer spending, and America’s global reputation.
“If, on April 9th, we initiate an economic nuclear war on every country in the world, business investment will grind to a halt, consumers will shut their wallets, and we’ll damage our international reputation in a way that could take years—or decades—to repair,” Ackman warned.
Trump’s tariff move, which stunned markets with its unprecedented scale, has already triggered significant turmoil. Since the announcement, the S&P 500 has plunged over 15%, officially entering a bear market.
Ackman clarified that while he supports revisiting trade deals to boost American jobs and industries, this kind of broad, blunt-force approach is counterproductive and dangerous. He believes a more targeted strategy is necessary to avoid scaring off global investors and businesses.
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He urged Trump to impose a 90-day moratorium on the new tariffs—allowing time to engage in meaningful negotiations and address trade imbalances more thoughtfully.
“The consequences for our country—and especially for millions of Trump supporters, including low-income consumers already facing economic stress—will be severely negative,” Ackman emphasized.
He also made it clear that neither he nor his firm, Pershing Square, stand to financially benefit from a pause in the tariffs.
Ackman isn’t alone in his concern. Fellow hedge fund legend Stanley Druckenmiller also weighed in over the weekend, criticizing tariffs above 10% and calling for a more measured approach to trade policy.
As recession fears grow, some analysts are now predicting a 100-basis-point interest rate cut by year-end, citing the heightened economic risks stemming from the escalating trade conflict.
