Bill Ackman, a billionaire says the world is about to enter a "self-induced economic nuclear winter" and begs trump to put tariffs on hold

 “The President has the opportunity to call a timeout on Monday, giving him time to implement a fix for an unfair tariff system. Alternatively, we are heading for a self-induced, economic nuclear winter, and we should start hunkering down,” Ackman wrote in a lengthy X post on Sunday night. "May judgment prevail." Ackman, who endorsed Trump’s run for President, issued the stark warning as he insisted the US leader’s decision to enforce the 10% tax on imports was quickly losing the confidence of business leaders worldwide.

 “The country is 100% behind the president on fixing a global system of tariffs that has disadvantaged the country. But, business is a confidence game and confidence depends on trust,” he wrote. “President [Trump] has elevated the tariff issue to the most important geopolitical issue in the world, and he has gotten everyone’s attention. So far, all is well. “And yes, other nations have taken advantage of the U.S. by protecting their home industries at the expense of millions of our jobs and economic growth in our country,” he continued. 

 “However, we are in the process of destroying confidence in our country as a trading partner, as a place to conduct business, and as a market in which to invest capital by imposing massive and disproportionate tariffs on both our friends and our enemies at the same time and thereby launching a global economic war against the entire world at once.

“The country is 100% behind the president on fixing a global system of tariffs that has disadvantaged the country. However, he wrote, "Business is a game of confidence, and trust is the foundation of confidence." “President [Trump] has garnered everyone's attention by elevating the tariff issue to the most important geopolitical issue in the world. So far, so good. He went on to say, "Yes, other nations have taken advantage of the United States by protecting their home industries at the expense of millions of our jobs and our country's economic growth. 

“But, by placing massive and disproportionate tariffs on our friends and our enemies alike and thereby launching a global economic war against the whole world at once, we are in the process of destroying confidence in our country as a trading partner, as a place to do business, and as a market to invest capital. 

 “ Calling for a 90-day time-out, Ackman urged Trump to renegotiate the “unfair asymmetric tariff deals.” He warned, too, that launching an “economic nuclear war” would only see businesses grind to a halt, as well as consumers closing up their wallets. In the midst of an economic nuclear war, "which CEO and which board of directors will be comfortable making large, long-term economic commitments in our country?" He stated. Businesses are forced to reduce investment and lay off employees when markets crash, halting new investment and consumer spending. Additionally, not only the major corporations will suffer. Small and medium size businesses and entrepreneurs will experience much greater pain. Almost no business can pass through an overnight massive increase in costs to their customers.”

 “The consequences for our country and the millions of our citizens who have supported the president — in particular low-income consumers who are already under a huge amount of economic stress — are going to be severely negative. This is not what we voted for,” he added. Ackman’s plea came as Trump’s sweeping tariff plans continued to hammer global financial markets on Monday after he warned foreign governments they would have to pay “a lot of money” to lift the levies that he called “medicine.”