Bill Ackman Criticizes Trump’s Tariff Move, Warns of “Economic Nuclear Winter” and Global Recession Risks
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Washington D.C. | April 8, 2025:
In a rare and scathing public rebuke, billionaire investor Bill Ackman, one of former President Donald Trump’s most influential backers, has condemned Trump’s latest tariff policy, warning that it could plunge the U.S. and global economy into an “economic nuclear winter.”
Ackman’s detailed critique, shared on X (formerly Twitter), accuses the Trump administration of relying on flawed calculations to justify the tariff rates. According to him, the formula used exaggerated the tariff amounts, making them appear four times larger than they were.
“President Trump is not an economist and therefore relies on his advisors to do these calculations so he can determine policy. The global economy is being taken down because of bad math,” Ackman wrote.
Ackman’s Key Concerns: Trust, Confidence, and Investment
Bill Ackman emphasized that business is a game of confidence, which is rooted in trust between governments, investors, and trading partners. He warned that Trump’s tariffs are eroding this trust rapidly.
“The president is losing the confidence of business leaders around the globe. This is not what we voted for,” Ackman declared.
While acknowledging unfair global trade practices faced by the U.S., Ackman argued that Trump’s disproportionate and sweeping tariffs — levied against both allies and adversaries — could destroy America’s global trade reputation.
“Economic Nuclear War”: Ackman’s Strongest Words Yet
Calling the tariffs an “economic nuclear war,” Ackman predicted that:
- Business investment will freeze
- Consumers will stop spending
- Small and large businesses alike will suffer
- Markets could crash, triggering layoffs and economic contraction
“We are heading for an economic nuclear winter,” he wrote. “We should start hunkering down.”
Ackman’s post marks a turning point in the investor’s relationship with Trump, as he becomes one of the most high-profile Republican-affiliated financiers to voice alarm.
Other Leaders Join In: Jamie Dimon, Ted Cruz Echo Concerns
Ackman isn’t alone. JPMorgan Chase CEO Jamie Dimon also raised the red flag, warning shareholders in his annual letter that a lack of trade cooperation with allies could heighten inflation and risk a recession.
Dimon suggested that instead of alienating partners, the U.S. should foster strategic trade relationships with rising economies like India.
Meanwhile, Republican Senator Ted Cruz, a loyal Trump ally, issued his own warning on the “Verdict” podcast:
“If we go into a recession, particularly a bad one, 2026 could politically be a bloodbath,” he said, hinting at growing unease within the Republican ranks.
Markets React: Trillions Wiped as Global Confidence Wanes
Trump’s announcement of “reciprocal, yet discounted” tariffs triggered a wave of panic across international markets. The sell-off extended to multiple sectors, with investors fearing long-term impacts on trade, jobs, and global supply chains.
Despite the backlash, Trump remains defiant, comparing the tariff approach to “medicine” necessary for economic repair.
“It might taste bitter now, but it’s going to fix what’s broken,” Trump said in a statement.
Growing Dissent in Trump’s Inner Circle
The criticism from Bill Ackman, coupled with warnings from Dimon and Cruz, signals a growing rebellion within conservative circles against Trump’s economic strategy. As the U.S. inches closer to a new election cycle, Trump’s policy decisions may face resistance from both political allies and Wall Street.
Ackman’s statement may have opened the door for more Republican-aligned business leaders to voice their concerns — and reshape the 2025 economic debate.
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