Bill Ackman, a firm Trump supporter, penned a sympathetic X post on tariffs earlier on Sunday, but changed his tone as the bloodbath resumed.
As futures in the US and spot markets in Asia crash on Trump’s doubling down on his «impose tariffs first and ask questions later» strategy, tensions are apparently reaching a boiling point. Case in point: the billionaire investor and CEO of Pershing Square, Bill Ackman, has just alleged that the US Commerce Secretary, Howard Lutnick, «profits when our economy implodes.»
For the benefit of those who might not be aware, President Trump has now imposed a baseline tariff of 10 percent on all US imports, plus a veritable host of reciprocal tariffs on some of the biggest trading partners of the US, with imports from the EU now subject to a 20 percent levy while those from China entailing an eye-watering tariff of 54 percent (20 percent fentanyl-related levy + 34 percent reciprocal tariffs).
Also, Steel, aluminum, vehicles, and auto parts remain subject to individual tariffs under Section 232, while tariffs on raw semiconductors are expected to materialize in the days and weeks ahead.
However, in a development that caused utter panic on Wall Street on Friday, China has now retaliated by imposing a reciprocal tariff of 34 percent on all imports from the US. This measure is expected to invite another retaliation from the Trump administration in a seemingly unending game of one-upmanship.
BREAKING: Trump is doubling down on the tariffs and says that he will not be making any deals unless it fixes the trade deficitspic.
