Wealthy businessmen are turning against Donald Trump for his plan to impose a colossal set dictatorial In America’s trade partners, according to CNN, as losses increase in stock markets around the world.
Billionaire investor Bill Ackman, who supported Donald Trump’s presidential candidacy in 2024, warned Sunday (06/04/2025) that Continuing new duties is equivalent to the start of a ‘economic nuclear war’.
It is recalled that Donald Trump said that will impose significantly higher ‘mutual’ duties to dozens of countries that have the larger commercial imbalances with the United States.
In his post on X, Ackman said that ‘Business investment will stop and consumers will close their wallets“, If the new contributions actually come into force.
«We will seriously hurt our reputation With the rest of the world that will take years and possibly decades to be restored, “he added, which has been aired 10.6 million times.
If Trump does not change Rota, ‘We are heading towards a self -proclaimed economic nuclear winter and we will have to start bending our head. “warned by the CEO of Pershing Square Capital Management.
“Which Managing Director and which Board of Directors will feel comfortable to make long, long -term financial commitments in our country in the midst of an economic nuclear war?” He said, adding that “the president loses the confidence of business leaders around the world.”
Already, the main duty of 10% of Trump in all imports of goods in the US came into force on Saturday (5/03/2025) and dozens of economies are preparing for even higher contributions than Wednesday.
These most affected countries include large US trade partners, China and the European Union, which face 34% and 20% new duties respectively.
Harsh criticism from the millionaires ‘friends’ of Trump
Other billionaires and wealthy businessmen have also criticized the agenda of Trump’s duties in recent days, as the fear of its financial impact has occupied the markets.
Jamie Dimon, Managing Director of JPMorgan Chase, warned Monday that duties threaten to raise prices, lead the world economy to recession and weaken America’s position in the world.
“Recent duties will probably increase inflation and make many consider the possibility of recession more,” Dimon said in a letter to the shareholders. “Whether the duty menu will cause recession or not remains in question, but will slow growth.”
Billionaire Stanley Dructenmiller, founder of Duquesne Family Office, an investment company, said in a report on Monday that “he does not support 10%tariffs.” Dructenmiller’s value is estimated at $ 11 billion, according to Bloomberg Billionaires Index.
Elon Musk is also opposed
Even Elon Musk, the richest man in the world and a leading partner of the US president, said Sunday that he hopes for a “state of zero duties” between Europe and the US.
In an interview with Italian Deputy Prime Minister Matteo Salvini via video link, Musk said he wanted to create an effective “free trade zone” between Europe and North America.
Agreeing with Ackman, Simon Macadam, Deputy Chief of the World Economist of Capital Economics Consulting Company, said businesses are likely to postpone their investment, to a large extent, due to the “absolute uncertainty” of Donald Trump’s tariff policy
“If you are a medium -sized or even a large capitalization company, you will be very hesitant about what to do,” he said.
“If these duties are going to negotiate again in a few months, then you will waste your time investing hundreds of millions of dollars in new facilities … in the US,” he told CNN.
In his post, Ackman said the new duties were “massive” and “disproportionate”, saying: “It’s not what we voted for.” He asked for a 90 -day “time out”, in which Trump could negotiate with the commercial partners to “resolve the unfair asymmetric tariff agreements”.
Trump said his tariff agenda has been designed to restore years of one -sided trade between America and its partners, which, in his view, was caused by other countries that impose stricter tariffs on US products imported on their markets than the US.
But investors are clear that they are not convinced by the wisdom of Trump’s plan. The stock markets in Asia and Europe dipped on Monday and the Futures showed that it would be another bad day for the US stocks, following the announcement of Trump’s duties last Wednesday.