Billionaires Turn Against Trump’s Tariffs: ‘Heading Towards an Economic Nuclear Winter’

Prominent billionaire entrepreneurs are turning against Donald Trump’s plan to impose massive tariffs on America’s trading partners, as losses mount in global stock markets, according to CNN. Billionaire investor Bill Ackman, who supported Trump’s presidential candidacy for 2024, warned on Sunday (06/04/2025) that continuing with new tariffs equates to starting an ‘economic nuclear war.’ Trump announced plans to impose significantly higher ‘reciprocal’ tariffs on dozens of countries with the largest trade imbalances with the U.S. In a post on X, Ackman stated that business investments would halt and consumers would close their wallets if these new levies were implemented. ‘We will severely damage our reputation with the rest of the world, which could take years or even decades to repair,’ he added in his post, viewed over 10.6 million times. If Trump doesn’t change course, ‘we’re heading toward a self-inflicted economic nuclear winter, and we should start ducking,’ warned Ackman, the chief executive of Pershing Square Capital Management. Jamie Dimon, CEO of JPMorgan Chase, also cautioned on Monday that tariffs threaten to raise prices, push the global economy into recession, and weaken America’s standing worldwide. Even Elon Musk, the richest man globally and a top ally of the U.S. president, expressed hope for ‘zero-tariff status’ between Europe and the U.S., advocating for a free-trade zone. Investors clearly remain unconvinced by Trump’s tariff strategy, as Asian and European markets plummeted on Monday, with futures indicating another bad day for American stocks following Trump’s tariff announcement last Wednesday.