Bill Ackman, CEO of Pershing Square Capital Management, speaks during an interview for an episode of “The David Rubenstein Show: Peer-to-Peer Conversations”, in New York on November 28, 2023.
Jeenah Moon | Bloomberg | Getty images
Billionaire Investor Bill Ackman said America was heading for a self-inflicted “economic winter” due to the deployment of US President Donald Trump’s pricing policy.
“By placing massive and disproportionate prices on our friends and enemies and thus launching a world economic war against the whole world, we are in the process of destroying confidence in our country as a trading partner,” said Ackman, who had approved Trump in the elections, wrote on the social media platform X.
Trump’s latest rates, signed on Wednesday, established a 10% reference direct debit on all imports, hitting more than 180 countries and hammering world markets.
China faces the highest rates, the Trump administration having imposed 54% of the rights since January. Beijing retaliated with 34% prices on all goods imported from the United States
American shares closed a vicious week for investors last Friday, down 9.08%, according to FactstSet data, while Trump movements are choking a global economic slowdown. JP Morgan has raised the chances of an American and global recession at 60% by the end of the year, compared to 40% before.
“Business is a game of trust. The president loses the confidence of business leaders around the world,” said Ackman.
“The consequences for our country and the millions of our citizens who supported the president – in particular low -income consumers who are already under enormous economic stress – will be seriously negative. This is not why we voted,” said the head of the coverage.
Trump has the opportunity to ask for a dead time for any negotiations to resolve the “unjust” pricing agreements.
“Alternatively, we head for a self-induced economic nuclear winter and we have to start silent,” he said.
In a separate tweet, Ackman also kicked the US Secretary of Commerce Howard Lutnick. “It takes advantage when our economy implodes. It is a bad idea to choose a trade secretary whose company is drawn on a long fixed income,” said Ackman, adding that this is an “unacceptable conflict of interest”.
Lutnick told CBS on Sunday that the Trump administration will remain firm in its reciprocal prices against the main trade partners, even in the face of a global rout.
The United States Ministry of Commerce did not immediately respond to the request for CNBC comments.
