Bill Ackman, a billionaire hedge fund manager and former supporter of Donald Trump, has shifted his stance on the president, expressing concern that the tariffs imposed could lead to a severe economic downturn. Ackman labeled the tariffs as a "mistake" and proposed a 90-day pause to facilitate further negotiation. He criticized Trump's trade policies, indicating that they have already caused turmoil in the global economy, evident through recent market declines in Asia, UK, and Europe.

According to Ackman, Trump's tactics in the trade war could disproportionately harm small businesses and erode confidence in the US as a reliable trading partner. He warned of an impending economic crisis unless swift action is taken to reevaluate the tariff strategies and attract new investments. Ackman, who heads the prominent hedge fund Pershing Square in New York, had previously endorsed Trump's presidency bid but clarified that his support was not with the aim of gaining a position in the administration.

Ackman stressed the urgent need for the US to address tariff imbalances efficiently without sparking a full-blown economic brawl with other nations. He emphasized the adverse impact this trade conflict could have on businesses, leading to a standstill in investments and hindering economic progress. Ackman highlighted the significance of maintaining the confidence of business leaders worldwide to sustain a stable economic environment and ensure future growth opportunities.