Bill Ackman: Trump losing Confidence of Business Leaders

A billionaire investor, Bill Ackman said that America was heading toward a self-inflicted “economic nuclear winter” as a result of the U.S. President Donald Trump’s tariff policy rollout.

“By placing massive and disproportionate tariffs on our friends and our enemies alike and thereby launching a global economic war against the whole world at once, we are in the process of destroying confidence in our country as a trading partner,” the American business guru asserted.

Ackman, who had endorsed Donald Trump during the elections, wrote on the social media platform, X.

President Trump’s latest tariffs, signed into effect Wednesday, 2nd April 2025 set a 10% baseline levy on all imports, hitting over 180 countries and hammering global markets.

China faces the highest tariffs, with the Trump administration having imposed 54% in duties since January. Beijing has retaliated with 34% tariffs on all goods imported from the U.S.

U.S. equities capped off a vicious week for investors last Friday, being April 4, 2025 down 9.08%, according to data from FactSet, as Trump’s moves stoke fears of a global economic slowdown.

J.P. Morgan last week lifted the odds for a U.S. and global recession to 60% by the end of the year, up from 40% previously.

“Business is a confidence game. The president is losing the confidence of business leaders around the globe,” Ackman said.

“The consequences for our country and millions of our citizens who have supported the president — in particular 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,” the hedge fund manager said.

Trump has the opportunity to call for a timeout for any negotiations to resolve any “unfair” tariff deals.

“Alternatively, we are heading for a self-induced, economic nuclear winter, and we should start hunkering down.” he reiterated.

FN Blog