By Molly Goddard
8:57am PDT, Apr 7, 2025
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One American billionaire claims the country is doomed because of
Donald Trump's tariffs.
Investor
Bill Ackman — who endorsed the Republican leader during the 2024 election — took to X on Sunday, April 6, to make it clear the United States is in danger of an "economic nuclear winter" due to Trump's sweeping
taxes on goods from other countries.
Join us to read about what the former supporter said about the president's actions…
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"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," Bill Ackman warned in the social media update.
The chief executive officer of Pershing Square Capital Management emphasized how vital trust is for the
global markets. "Business is a confidence game. The president is losing the confidence of business leaders around the globe," Ackman added.
The hedge fund manager admitted although he voted for Trump, he now feels betrayed. "The consequences for our country and the 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," Ackman wrote. "Alternatively, we are heading for a self-induced, economic nuclear winter and we should start hunkering down."
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On Wednesday, April 2, Donald Trump set a 10 percent baseline tariff on all imports. According to the
New York Post, due to the drastic move, the Dow Jones Industrial Average is down 2.1 percent and the S&P 500 plummeted about 2.5 percent, while the Nasdaq fell almost 3.1 percent.
The Trump administration hit China the hardest, generating 54 percent in
duties since February.
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In a separate message shared to X, Bill Ackman took aim at U.S. Commerce Secretary
Howard Lutnick for not doing anything to help the American people.
"He profits when our economy implodes. It's a bad idea to pick a Secretary of Commerce whose firm is levered long fixed income," he said. "It's an irreconcilable
conflict of interest."
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On Sunday, April 6, Donald Trump penned an update of his own on his Truth Social account about the tariffs and why he feels he's doing more for the economy than former President
Joe Biden.
"They are already in effect and a beautiful thing to behold. The Surplus with these Countries has grown during the 'Presidency' of Sleepy Joe Biden," the Republican alleged. "We are going to reverse it and reverse it QUICKLY. Some day people will realize that Tariffs, for the United States of America, are a very beautiful thing!"
