Wealthy business leaders are turning against US President Donald Trump over his sweeping new tariffs, warning of severe economic fallout. Billionaire Bill Ackman, a Trump 2024 backer, called the move an \u201ceconomic nuclear war,\u201d predicting stalled investment and long-term damage to America\u2019s global reputation.<\/p>\n
Trump announced steep “reciprocal” tariffs on countries with large trade imbalances, including 34% on China and 20% on the EU. A baseline 10% tariff on all imports already took effect Saturday.<\/p>\n
Ackman and other billionaires like Jamie Dimon, Stanley Druckenmiller, and Ken Fisher have openly criticized the plan. Dimon warned the tariffs could trigger inflation and recession, while Fisher called them \u201carrogantly extreme\u201d and \u201cmisguided.\u201d Elon Musk voiced hope for a \u201czero-tariff\u201d trade zone with Europe.<\/p>\n
Business leaders fear the uncertainty will freeze major investments. Ackman urged a 90-day pause for renegotiations, saying, \u201cThis is not what we voted for.\u201d Markets worldwide reacted sharply, with global stocks tumbling after the announcement.<\/p>\n","protected":false},"excerpt":{"rendered":"
Wealthy business leaders are turning against US President Donald Trump over his sweeping new tariffs, warning of severe economic fallout. Billionaire Bill Ackman, a Trump 2024 backer, called the move an \u201ceconomic nuclear war,\u201d predicting stalled investment and long-term damage to America\u2019s global reputation. Trump announced steep “reciprocal” tariffs on countries with large trade imbalances,…<\/p>\n