The aggressive tariff strategy of President Donald Trump has caused worldwide stock market turmoil as numerous billionaires choose to oppose him. Bill Ackman who supported Donald Trump’s presidential bid in 2024 issued a warning on Sunday that the tariffs amount to an economic nuclear war. The President announced on Wednesday that his administration would impose significant reciprocal tariffs on multiple countries with substantial U.S. trade deficits while markets faced additional stress from a standard 10% import tax which started on Saturday.
As the head of Pershing Square Capital Management Bill Ackman issued a warning through X about the new duties which would increase on Wednesday to 34% for China and 20% for the EU thus freezing business investment and consumer spending. His X post about the approaching economic nuclear winter received 10.6 million views while he stated “We’re heading for a self-inflicted economic nuclear winter.” Trump’s tariff strategy receives criticism from Ackman who questions how any CEO would choose to invest heavily in the United States while the economy remains in such disorder. According to Ackman Trump has lost the support of major global business leaders.
The backlash isn’t solo. Through his Monday shareholder letter JPMorgan Chase CEO Jamie Dimon identified the tariffs as elements that would increase inflation and potentially lead to a recession. The CEO stated that growth would certainly slow down while maintaining that a recession remains uncertain. He also warned that higher global influence for America was at risk. The $11 billion founder of Duquesne Family Office Stanley Druckenmiller used X to express his opposition to tariffs exceeding 10%. These market leaders now strongly oppose Trump after his policies led to a 1,600-point Dow drop on Friday and analysts predict further decline as higher tariffs approach.
The President continues his stance by attacking trade imbalances which he claims steal from the U.S. yet the billionaire opposition indicates serious difficulties ahead. The “nuclear” warning from Ackman combined with Dimon’s growth concerns and Druckenmiller’s capital warning demonstrates a deep divide between Trump and former supporters. The moguls currently observe Wall Street’s financial loss while they view Trump’s strategic move as a complete failure. (Word count: 610)
