Billionaire investors are turning on US President Donald Trump over his plan to impose significant tariffs on America’s trading partners. The move is expected to hurt global trade and cause economic uncertainty, with many warning of an “economic nuclear winter.” Bill Ackman, a key Trump supporter, warned that going ahead with the new tariffs would be “tantamount to launching an economic nuclear war,” which could severely damage the US reputation in the global market.
The 10% tariff on all goods imports into the US went into effect Saturday, and dozens of economies are bracing for even higher levies starting Wednesday. Countries including China and the European Union face new duties of 34% and 20%, respectively. Other billionaires and business leaders have openly criticized Trump’s tariff agenda, citing concerns over inflation, recession, and slowing economic growth.
Jamie Dimon, CEO of JPMorgan Chase, warned that the tariffs could increase prices and drive the global economy into a downturn. Billionaire Stanley Druckenmiller said he did not support tariffs exceeding 10%, while Elon Musk expressed hope for a “zero-tariff situation” between Europe and the US. Simon MacAdam, deputy chief global economist at Capital Economics, echoed Ackman’s concerns, stating that businesses would likely hold off making investments due to the uncertainty of Trump’s tariff policy.
The move has sent shockwaves through global markets, with stock prices in Asia and Europe plummeting Monday. Futures pointed to another bad day for US stocks following Trump’s tariffs announcement last Wednesday.
Source: https://edition.cnn.com/2025/04/07/business/bill-ackman-criticize-trump-tariffs-intl/index.html