Bill Ackman Warns of 'Economic Nuclear Winter' Over Tariffs

Billionaire investor Bill Ackman has warned of a 'self-induced economic nuclear winter' due to President Trump's new tariffs, advocating for a 90-day pause to negotiate fair trade deals. Trump's tariffs impose a 10% baseline on all imports, with some countries facing up to 50%, sparking fears of a global trade war. This has led to significant market declines, with the S&P 500 and Nasdaq entering bear market territory and Asian markets experiencing historic losses. Ackman, who once supported Trump, along with other financial leaders like JPMorgan's Jamie Dimon, cautions that these policies could lead to a recession. Ackman emphasizes the need for a temporary halt to tariffs to rebuild business confidence and prevent long-term damage to the U.S. economy and its global standing. The global response includes retaliatory tariffs and complaints to the World Trade Organization, with countries like China and Canada already taking action.