- Billionaire Bill Ackman criticizes Trump’s sweeping tariff policy, warning of severe economic consequences.
- U.S. markets plummet amid fears of a global recession, with J.P. Morgan raising recession odds to 60%.
- Ackman slams Commerce Secretary Howard Lutnick over potential conflicts of interest.
Billionaire hedge fund manager Bill Ackman, once a Trump supporter, has sounded the alarm over the administration’s aggressive new tariff strategy.
Market reactions have been swift and brutal. Equities fell over 9% last week, and global recession fears are mounting. Ackman stresses that confidence is the backbone of business, and that low-income Americans, already stretched thin, will bear the brunt of these policies.
Ackman Turns on Trump: Tariffs Threaten U.S. Economy, Markets Spiral
China has responded with strong retaliatory measures, adding 34% duties on all U.S. imports. This escalation signals an intensifying trade war that could disrupt global supply chains and drive up consumer prices worldwide.
Ackman’s criticism also touches on the political risks of economic instability. He noted that millions of Americans, particularly lower-income voters who supported Trump, stand to lose the most if inflation and job losses mount due to shrinking trade and investment.
His attack on Commerce Secretary Howard Lutnick hints at deeper issues within the administration. By accusing Lutnick of having a financial interest in economic downturns, Ackman questions whether policymaking is being influenced by personal profit motives.
As business confidence erodes and markets slide, Trump faces growing pressure from even his former allies. The fallout from these tariffs may define his economic legacy.
“Business is a confidence game.”
