Billionaire fund manager Bill Ackman reaffirmed his support for President Trump’s trade policy, saying some had “misinterpreted” his call for a 90-day pause on reciprocal tariffs as a criticism of the administration.
The Pershing Square Capital Management boss had warned on Sunday that the world is on the brink of “self-induced economic nuclear winter” if the harsher tariffs slated to kick in tomorrow are not delayed.
“Some have misinterpreted my thoughts on tariffs,” Ackman wrote Tuesday on X, adding that he is “totally supportive” of President Trump’s use of tariffs.
“I am advocating for a 30, 60, or 90- day pause before the tariffs are implemented tomorrow to enable negotiations to be completed without a major global economic disruption that will harm the most vulnerable companies and citizens of our country,” Ackman added.
If nations don’t step up to the negotiating table, then Trump “can bring the hammer down, but doing so without giving time to make deals creates unnecessary harm,” he continued.
Trump’s “Liberation Day” levies have spooked investors and sent markets across the world reeling.
Shares in Ackman’s main fund plunged about 3.5% on Monday. The stock bounced back by nearly 3% on Tuesday as markets rallied on hopes that the administration would begin to cut deals.
Pershing Square declined to comment.
In his long post on X on Sunday, Ackman wrote: “If…on April 9th we launch economic nuclear war on every country in the world, business investment will grind to a halt, consumers will close their wallets and pocket books, and we will severely damage our reputation with the rest of the world that will take years and potentially decades to rehabilitate,” Ackman
Ackman, who voted for Trump in the election, added that he has “a lot of respect for our president,” but does not believe Trump is infallible and that it would be a mistake to move forward with the taxes on Wednesday.
Many of Ackman’s largest investments, like Nike, Mexican fast-food chain Chipotle, investment firm Brookfield and Alphabet, suffered major losses during the multi-day rout as investors worried Trump’s new tariffs could stoke inflation or even trigger a recession.
Google-parent Alphabet and Brookfield were two of Ackman’s biggest positions in the trust at the end of last year, worth about $2 billion and $1.8 billion, respectively, according to The Financial Times.
Some stocks were hit doubly hard as analysts raised concerns that the tariffs could hamper their supply chains.
Shares in Nike, for example, plummeted over concerns it could be forced to hike its sneaker prices, since it relies heavily on Vietnam for manufacturing, and the Southeast Asian nation is staring down a 46% levy.
Ackman had also taken aim at Commerce Secretary Howard Lutnick, the former chief executive and chairman of Cantor Fitzgerald, in his Sunday missive on X. Lutnick stepped down from the firm earlier this year after he was confirmed by the Senate, and appointed his two sons chairman and executive vice chairman.
“I just figured out why @howardlutnick is indifferent to the stock market and the economy crashing. He and Cantor are long bonds. He profits when our economy implodes,” Ackman wrote in a post on X, calling Lutnick’s firm an “irreconcilable conflict of interest.”
Ackman then reversed course, saying it was “unfair” of him to “lash out” at Lutnick.
“I don’t think he is pursuing his self interest. I am sure he is doing the best he can for the country,” he wrote in another post on X.
“I am just frustrated watching what I believe to be a major policy error occur after our country and the president have been making huge economic progress that is now at risk due to the tariffs,” he continued.
Ackman is not the only billionaire hedge fund manager to critique the tariffs.
Dan Loeb also spoke out against the levies. Shares in his firm Third Point had fallen nearly 10% as of Monday.
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