Bill Ackman, CEO of Pershing Square Capital Management, speaks during an interview for an episode of “The David Rubenstein Show: Peer-to-Peer Conversations” in New York on Nov. 28, 2023.
Jeenah Moon | Bloomberg | Getty Images
Hedge fund mogul Bill Ackman let out a sigh of relief after President Donald Trump temporarily dropped some of the steep “reciprocal” tariffs, sparking a monster rally in risk assets.
“Thank you on behalf of all Americans,” Ackman wrote in a post on social media platform X. Shortly after, he added, “This was brilliantly executed by @realDonaldTrump. Textbook, Art of the Deal.”
His comments came after Trump announced a 90-day pause on reciprocal tariffs that were imposed on dozens of trade partners, while raising duties on China again to a whopping 125%. Trump said more than 75 countries contacted U.S. officials to negotiate after he unveiled his new tariffs last week.
“The benefit of @realDonaldTrump‘s approach is that we now understand who are our preferred trading partners, and who the problems are,” Ackman said in another post. “This is the perfect setup for trade negotiations over the next 90 days. Advice for China: Pick up the phone and call the President. He is a tough but fair negotiator.”
Ackman, one of the most outspoken backers of Trump on Wall Street, said he was “totally supportive” of Trump using tariffs as a negotiating tool, but as the trade fight escalated quickly, he recently warned that the president might have gone too far.
On Sunday, the CEO of Pershing Square Capital Management said America was heading toward a self-inflicted “economic nuclear winter” because of Trump’s steep tariffs, urging a pause for country-specific levies.
“Business is a confidence game. The president is losing the confidence of business leaders around the globe,” said Ackman in an X post over the weekend.
Ackman also accused Commerce Secretary Howard Lutnick of profiting from the economic crash by betting on government bonds, citing an “irreconcilable conflict of interest.” The billionaire investor subsequently walked back his criticism, calling it “unfair” and saying that outside observers didn’t “know how the sausage was made.”
Get Your Ticket to Pro LIVE
Join us at the New York Stock Exchange!
Uncertain markets? Gain an edge with CNBC Pro LIVE, an exclusive, inaugural event at the historic New York Stock Exchange. In today’s dynamic financial landscape, access to expert insights is paramount.
As a CNBC Pro subscriber, we invite you to join us for our first exclusive, in-person CNBC Pro LIVE event at the iconic NYSE on Thursday, June 12.
Join interactive Pro clinics led by our Pros Carter Worth, Dan Niles and Dan Ives, with a special edition of Pro Talks with Tom Lee. You’ll also get the opportunity to network with CNBC experts, talent and other Pro subscribers during an exciting cocktail hour on the legendary trading floor. Tickets are limited!
