Business Titans Rebuke Trump Over Tariff Blitz: Fears Of "Economic Nuclear War" Grow

 

Wealthy business leaders and top investors are sounding the alarm as former President Donald Trump pushes forward with sweeping new tariffs that are rattling global markets and shaking confidence in the U.S. economy.

Billionaire hedge fund manager Bill Ackman, a vocal Trump supporter during the 2024 campaign, issued a dire warning: escalating tariffs could amount to an “economic nuclear war.” In a widely shared post on X, Ackman predicted the fallout would be severe: business investment could stall, consumer spending might collapse, and America’s international reputation could suffer long-term damage.

“Unless Trump changes tack,” he wrote, “we are heading for a self-induced, economic nuclear winter.”

Trump’s baseline 10% tariff on all imported goods went into effect Saturday. More aggressive measures are set to hit on Wednesday, targeting key trade partners like China and the European Union with tariffs of 34% and 20% respectively.

Ackman’s concerns were echoed by other high-profile business figures. JPMorgan Chase CEO Jamie Dimon warned that Trump’s trade agenda could fuel inflation, slow economic growth, and damage the country’s global standing.

“These tariffs are causing many to consider a greater probability of a recession,” Dimon noted in his annual letter to shareholders. “Whether or not they trigger a full downturn, they will certainly slow growth.”

Stanley Druckenmiller, a billionaire investor and founder of the Duquesne Family Office, also weighed in, stating he “does not support tariffs exceeding 10%.” And Ken Fisher, founder of Fisher Investments, didn’t mince words, calling Trump’s plan “stupid, wrong, arrogantly extreme” and “ignorant trade-wise.”

Even Elon Musk, one of Trump’s most prominent allies, voiced hesitation. Speaking in a video chat with Italy’s Deputy Prime Minister Matteo Salvini, Musk said he hopes for a “zero-tariff situation” between Europe and the U.S., advocating for a broader free-trade zone.

Investor unease is being felt across the globe. Stock markets in Asia and Europe sank on Monday, and U.S. futures signaled another rough day ahead following Trump’s latest tariff announcement.

Simon MacAdam, deputy chief global economist at Capital Economics, highlighted the ripple effect the uncertainty is having on corporate strategy. “If you’re a mid-sized or even large-cap company, you’re going to be very hesitant about what to do,” he said. “No one wants to commit hundreds of millions to new U.S. operations if the rules could change again in a few months.”

Ackman called for a 90-day pause on new tariffs to allow time for negotiations and potential revisions to the plan. “This is not what we voted for,” he said bluntly.

Trump, however, remains resolute. He insists the tariffs are a necessary correction after years of trade imbalance, accusing other nations of exploiting the U.S. with unfair policies. “Reciprocal tariffs,” he argues, will finally level the playing field.

But with markets sliding and support eroding among the very business leaders who once backed him, Trump’s tariff crusade is facing mounting pressure — and the stakes are getting higher by the day.