billionaires turn on Trump as top business leaders warn his sweeping tariffs could spark major economic fallout.
Billionaire investor Bill Ackman, who supported Trump’s 2024 run, called the new tariffs an “economic nuclear war” and said they would shatter global confidence in the U.S. economy. In a widely viewed post on X, Ackman warned of halted investment and consumers closing their wallets.
Trump’s new tariff structure includes a baseline 10% tariff on all imported goods, which took effect Saturday. Additional duties of 34% on China and 20% on the European Union are expected to hit Wednesday.
The policy has already rattled investors. The Dow Jones fell over 1,000 points Monday, and the S&P 500 neared bear market territory as fears of global retaliation surged.
Business Titans Sound the Alarm
JPMorgan Chase CEO Jamie Dimon warned shareholders that the tariffs could fuel inflation and possibly push the U.S. toward a recession.
Meanwhile, billionaire Stanley Druckenmiller said he couldn’t support tariffs above 10%, and Ken Fisher blasted the move as “ignorant trade-wise” and “arrogantly extreme.”
Even Trump ally Elon Musk said Sunday that he hopes for zero tariffs between the U.S. and Europe, pushing for a North Atlantic free-trade zone.
Tariffs Threaten Confidence and Growth
Economists agree that uncertainty around the tariffs is shaking confidence. Simon MacAdam of Capital Economics said companies are holding off on big investments due to the unpredictability of Trump’s policy.
Ackman called for a 90-day “time out” to negotiate with trade partners. “This is not what we voted for,” he wrote. But Trump maintains his tariffs will correct unfair trade imbalances and protect U.S. industry.
Despite his reasoning, global markets are signaling growing concern. Asian and European markets tumbled Monday, and U.S. stock futures continued pointing downward.
With billionaire backlash intensifying and investor fears mounting, Trump’s economic gamble is putting pressure on markets—and his political support.
Source: CNN
