Billionaire business leaders are turning against US President Donald Trump for their plan to impose a colossal set of tariffs on the country’s trading partners, as losses accumulate in Value Scholarships around the world.
The billionaire investor Bill Ackmanwho supported Trump’s candidacy for the presidency in 2024, warned last Sunday that he carries on the new tariffs would be equivalent to launching a “economic nuclear war.”
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In a publication on Rede X, Ackman stated that “business investments will end up, and consumers will close their portfolios” if new tariffs actually come into force.
“We will seriously harm our reputation with the rest of the world, and it will take years or even decades to recover it,” he added. The publication had already been viewed 10.6 million times.
Unless Trump changes his way, “we are moving to a self -inflicted economic nuclear winter, and we should start preparing,” Ackman warned, CEO of Pershing Square Capital Management.
“Which CEO and which board of directors would feel comfortable making large and long -term economic commitments in the US amid a nuclear economic war?” He asked, adding that “the president is losing the confidence of business leaders around the world.”
The 10% basic rate on all imports of goods to the US has already entered into force on Saturday (5), and dozens of economies are preparing for even higher tariffs from Wednesday.
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Other billionaires and rich entrepreneurs have also openly criticized Trump’s tariff agenda in recent days as the fear of their economic impacts takes over the markets.
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“Recent rates are likely to increase inflation and are making many consider a greater likelihood of recession,” Dimon wrote in his annual letter to the shareholders.
“It’s still a question whether the tariff package will cause a recession, but it will surely slow growth.”
Billionaire Stanley Drukenmiller, founder of Duquesne Family Office, an investment company, published on network X on Monday that “does not support rates above 10%.” According to Bloomberg Billionaires Index, Drumkenmiller has an estimated fortune of $ 11 billion.
Later, on the same day, the billionaire Ken Fisher, founder and executive president of Fisher Investments, also criticized the tariffs: “What Trump announced last Wednesday is stupid, wrongly extremely extreme, ignorant in commercially and directed to a non-existent problem with misconceptions. But as far as I realize, it will disappear and fail, and the problem is, what the problem is, what the problem is- a high signal. ”
Fisher noted that he does not usually comment on presidential actions in public, “but about tariffs, Trump went through the boundaries.”
Until Elon Musk – The richest man in the world and one of Trump’s greatest allies.
In an interview with video conferencing with Italy’s vice-minister-minister Matteo Salvini, Musk said he would like to see the creation of an effective free trade zone between Europe and North America.
Echoing Ackman, Simon Macadam, a chief economist at Capital Economics consultancy, said companies are likely to postpone investments due largely to the “pure uncertainty” of Trump’s tariff policy.
“If you are a medium or large company, it will hesitate a lot about what to do,” he said.
“If these rates are renegotiated and reduced in a few months, then it would be a waste of time to invest hundreds of millions of dollars in new US factories,” Macadam told CNN.
In his publication, Ackman said the new tariffs are “massive” and “disproportionate”, stating: “That’s not why we vote.” He ordered a 90 -day “truce” for Trump to negotiate with business partners to “resolve asymmetrical and unjust tariff agreements”.
Trump stated that his tariff agenda aims to correct years of unbalanced trade between the US and his partners, according to him, by other countries to impose higher US products rates than the US apply to his own.
But investors are clearly not convinced of the logic of Trump’s plan. Asia and Europe’s scholarships plummeted on Monday, and the futures pointed another bad day for the US actions after the announcement of tariffs last Wednesday.
