Billionaire Trump backer Bill Ackman warns of 'economic nuclear winter' over tariffs

Bill Ackman says the US president should pause his planned import taxes - or risk shattering investors' confidence.

British Broadcasting CorporationWatch LiveHomeNewsSportBusinessInnovationCultureArtsTravelEarthAudioVideoLiveHomeNewsIsrael-Gaza WarWar in UkraineUS & CanadaUKUK PoliticsEnglandN. IrelandN. Ireland PoliticsScotlandScotland PoliticsWalesWales PoliticsAfricaAsiaChinaIndiaAustraliaEuropeLatin AmericaMiddle EastIn PicturesBBC InDepthBBC VerifySportBusinessExecutive LoungeTechnology of BusinessFuture of BusinessInnovationTechnologyScience & HealthArtificial IntelligenceAI v the MindCultureFilm & TVMusicArt & DesignStyleBooksEntertainment NewsArtsArts in MotionTravelDestinationsAfricaAntarcticaAsiaAustralia and PacificCaribbean & BermudaCentral AmericaEuropeMiddle EastNorth AmericaSouth AmericaWorld’s TableCulture & ExperiencesAdventuresThe SpeciaListEarthNatural WondersWeather & ScienceClimate SolutionsSustainable BusinessGreen LivingAudioPodcastsRadioAudio FAQsVideoLiveLive NewsLive SportHomeNewsSportBusinessInnovationCultureArtsTravelEarthAudioVideoLiveWeatherNewslettersBillionaire Trump backer warns of 'economic nuclear winter' over tariffs20 hours agoShareSaveJames FitzGerald & Lisa LambertBBC NewsShareSaveGetty ImagesBill Ackman switched allegiance to Trump before the 2024 presidential electionA billionaire backer of Donald Trump has urged the US president to pause his recently announced trade tariffs, or risk "a self-induced, economic nuclear winter".

Amid market turmoil, hedge fund manager Bill Ackman said the president should take three months to allow countries to renegotiate their trading relationships with the US.

On Monday, Mr Ackman's warning was echoed by other prominent Wall Street figures, with JPMorgan Chase chairman Jamie Dimon saying that Trump's tariffs risked pushing up prices for Americans.

Despite the shockwaves, the American president is moving ahead, with the White House rushing to label a rumour he might put new tariffs on pause as "fake news".

The rumour on Monday morning that Trump was considering a 90-day pause briefly lifted a swiftly sinking stock market after it was reported on financial network CNBC.

https://www.bbc.com/news/articles/c2lzjnj79rdo

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