The Hancho Bill Ackman coverage fund has joined a growing list of the multimillion -dollar sponsors of President Donald Trump who asks the White House to stop the tariffs.
As Trump’s reciprocal tariffs entered into force on Wednesday, which caused reprisal reactions of China and the European Union, Ackman turned to social networks, asking Trump to put a 90 -day pause on tariffs, arguing that the president can “achieve his goals without destroying small companies in the short term.”
In the long publication about X, Ackman, founder of Pershing Square Capital Management, issued a terrible warning of what could happen if the rates do not stop immediately.
“If the president does not stop the effect of the rates soon, many small businesses will declare bankruptcy,” Ackman wrote. “Medium -sized companies will be the next.”
ACKMAN joins other billionaires, including some like him who supported Trump’s campaign for re -election, converting a cold shoulder into the growing fee war. Trump states that rates are necessary to level the playing field for importers in the United States, saying: “Foreign trade and economic practices have created a national emergency.”
New York, NY – June 17: Bill Ackman speaks at the dinner of the Pershing Square 2024 Foundation Award at the Park Avenue Armeria in Armería Park Avenue on June 17, 2024 in New York City. (Photo by Jared Siskin/Patrick McMullan through Getty Images)
Jared Siskin/Patrick McMullan through Getty Image
Other billionaire magnates, including the investor and philanthropist Stanley Druckenmiller, the owner of Citdel, Kenneth Griffin, and even the CEO of Tesla, Elon Musk, the president’s main advisor, have spoken against Trump’s tariffs after supporting the president’s re -election campaign.
Speaking at an event in Miami on Monday night, Griffin described Trump’s tariffs as a “great policy error,” according to The Wall Street Journal. In a rare publication on social networks On Sunday, Druckenmiller wrote: “I do not support tariffs greater than 10%.”
Musk has publicly criticized Trump’s senior commercial advisor, Peter Navarro, one of the architects of Trump’s rates policy, calling him “truly a moron” and “darker than a sack of bricks” after Navaro described him as a “car assembly.” In a live broadcast speech to the Liga League Conference of Italy in Florence, Italy, on Saturday, Musk expressed hope for the United States and Europe to believe “a very close and stronger association” and reach a “zero rate” policy soon.
On Saturday a 10% tariff entered into force for all commercial partners of the United States. Additional reciprocal rates against 60 countries that impose tariffs on US imports entered into force at 12:01 am et on Wednesday.
Some countries have taken reprisals imposing tariffs on US assets. Trump increased tariffs on China to 104% and threatened an additional 50% if China did not go back to impose a 34% rate on US assets. China responded on Wednesday by measuring tariffs on US products at 84%.
The European Union also voted on Wednesday to impose a retaliation of 25% tariffs on certain US assets.
Ackman spoke against tariffs, saying that he is “receiving an increasing number of emails and text messages from small businesses where I do business or that I have invested, expressing fear that they cannot transmit their greatest costs to their customers and will suffer severely negative consequences.”
In his position on Wednesday, Ackman shared an email from the founder of a Cold Brew coffee business that said he received before the retaliation rates announced by China. The founder of Cold Brew Coffee said that its cost for the glass bottles obtained from China will increase by 50%, while Chai of India will increase by 26%and the coffee imported from Ethiopia, Peru and Canada will rise by 10%.
“My clients will tolerate a nearby duplication of the costs of their contract overnight, or will they expect to absorb the increases that my suppliers are already threatening?” The business owner wrote in the email to Ackman. “If customers resist price increases and my employees demand higher salaries to compensate for their growing cost of living, we end up in a losing-perder scenario, without expenses and without work.”
ACKMAN ended its publication writing: “Previse the colder heads.”
