Bill Ackman turns on Trump's tariffs with startling allegation against key cabinet member
New York City: Hedge fund billionaire Bill Ackman has issued a warning about President Donald Trump’s new tariffs, urging an immediate pause before the policies trigger an "economic nuclear winter".
The Pershing Square CEO, a Trump ally, joined growing business dissent as global markets reel from the president’s 10% baseline tariff on most US imports, with steeper levies set for 57 trading partners, including the EU, starting April 9.
The tariffs have already sparked panic across global exchanges. US futures pointed to a 6% drop at Monday’s open, while Asian markets cratered overnight: Japan’s Nikkei fell 8%, Hong Kong plunged 10%, and Taiwan nosedived nearly 10%. The sell-off follows last week’s historic $6.6 trillion U.S. stock wipeout—the worst two-day decline on record—which analysts fear is just the beginning. On social media, 'Black Monday' trended, invoking memories of 1987’s 22.6% single-day crash.
Ackman argued that Trump’s approach risks shattering business confidence worldwide. "By launching a global economic war at once, we’re destroying trust in the U.S. as a trading partner," he wrote, warning of frozen investment, consumer spending collapses, and mass layoffs. He urged a 90-day tariff pause to renegotiate "unfair" trade terms, cautioning that without intervention, the US faces a self-inflicted recession harming low-income Americans most.
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POTUS has dismissed concerns, telling reporters that world leaders are "dying to make a deal" but insisting deficits must end first. Ackman, however, stressed that "business is a confidence game" — one Trump is losing. "This is not what we voted for," he declared, appealing for cooler heads to prevail before April 9’s escalation.
Ackman also alleged that US Commerce secretary Howard Lutnick was conflicted because of his relationship with financial services firm Cantor Fitzgerald, due to its exposure to the bond market.
Ackman posted on X: "I just figured out why @howardlutnick is indifferent to the stock market and the economy crashing. He and Cantor are long bonds. He profits when our economy implodes. It’s a bad idea to pick a Secretary of Commerce whose firm is levered long fixed income. It’s an irreconcilable conflict of interest."