Billionaire investor Bill Ackman retracted his criticism of US Commerce Secretary Howard Lutnick on Tuesday, backing away from allegations of conflict of interest he had made amid tensions over the Trump administration’s sweeping new tariffs.
“I don’t think he is pursuing his self-interest. I am sure he is doing the best he can for the country,” Ackman wrote on X, reversing course after previously suggesting Lutnick’s financial interests could benefit from market turmoil.
Ackman, who heads Pershing Square Capital Management, had taken aim at Lutnick in a Sunday post, claiming the Commerce Secretary’s firm was “levered long fixed income” and writing that Lutnick “profits when our economy implodes,” describing it as an “irreconcilable conflict of interest.”
The unusual public criticism of a cabinet member by a prominent financial backer of President Donald Trump came as markets reeled from the implementation of Trump’s tariff plan, which imposes a baseline 10% duty on imports from approximately 180 countries.
Lutnick, the former chief executive of brokerage Cantor Fitzgerald who was confirmed as Commerce Secretary earlier this year, has helped craft the administration’s trade policy. According to sources familiar with the matter, Ackman’s post about Lutnick contributed to ongoing discussions about security at Cantor’s Manhattan headquarters.
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Ackman, who donated over $419,000 to Trump’s campaign and appeared at a Hamptons fundraiser with the president last year, has faced market pressure on his own investments. His fund holds positions in companies like Nike that have been hit by tariff concerns, with shares in Nike specifically falling on worries it might need to raise sneaker prices due to its reliance on Vietnamese manufacturing.
Following his retreat from criticizing Lutnick, Ackman also clarified his position on the tariffs, saying he remains “totally supportive” of Trump’s trade strategy while advocating for a 30-90 day implementation pause to allow for negotiations.
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