Billionaire investor Bill Ackman is once again issuing dire warnings about President Donald Trump’s tariff policies, this time urging a pause before the full implementation of reciprocal duties including on China.
Ackman, who leads Pershing Square Capital Management, first sounded the alarm when he described the tariff approach as risking an “economic nuclear winter.” He has since intensified his calls on social media, prompting some observers to suggest that he is “crying” rather than offering measured commentary.
In recent days, Ackman praised Trump’s determination to address what he calls “unfair trading practices” worldwide, particularly citing 10% tariffs that have been imposed on 180 countries. However, the hedge fund manager now insists that the White House is moving too fast and that the new tariffs could destabilize US businesses if rolled out without a strategic pause.
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“Business is a confidence game, and confidence depends on trust,” he wrote, warning that precipitous policy changes undermine America’s credibility as a trading partner.
Ackman now proposes delaying full implementation for 90 days, giving negotiators time to broker new trade deals.
“If China does not cooperate and negotiate a deal that makes sense for our country,” he noted, “President Trump can bring the hammer down.” He also suggests lowering all tariffs temporarily to 10% to allow small and medium-sized American companies to adjust their supply chains rather than face sudden economic shock.
For Ackman, the benefit of this waiting period is twofold: businesses would have space to adapt, and China would be under the same pressure to negotiate as if the tariffs took effect immediately.
Yet critics wonder if he is stoking market fears for personal gain. His fund holds positions in companies potentially affected by the tariffs, including Nike, which is heavily reliant on manufacturing abroad and now faces the likelihood of passing increased costs on to consumers.
His public statements have also embroiled him in political crossfire. Ackman recently criticized Commerce Secretary Howard Lutnick for having, in Ackman’s words, a “levered long fixed income” position that would profit if the economy faltered, but he subsequently walked back those claims and expressed faith in Lutnick’s commitment to the country.
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