‘This is not what we voted for’: Donald Trump supporter Bill Ackman takes U-turn, slams tariff strategy

Billionaire investor Bill Ackman, a rare critic among US President Donald Trump's top supporters, has voiced concerns over the president's tariff strategy, and voiced, “this is not what we voted for”.

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Ackman highlighted the risks of tariffs, particularly their potential to damage the US's reputation as a trusted trading partner. In a post on X, Ackman stated, “President Donald Trump is not an economist and therefore relies on his advisors to do these calculations so he can determine policy. The global economy is being taken down because of bad math.”

He emphasised the importance of business confidence, saying, "Business is a confidence game, and confidence depends on trust," suggesting that Trump has breached that trust. Ackman warned, “The president is losing the confidence of business leaders around the globe. The consequences for our country and the millions of our citizens who have supported the president are going to be severely negative. This is not what we voted for.”

While acknowledging the existence of unfair trade practices, Ackman criticized the disproportionate tariffs, claiming they threaten to undermine global trust in the US as a reliable trading partner. "By placing massive and disproportionate tariffs on our friends and our enemies alike and thereby launching a global economic war against the whole world at once, we are in the process of destroying confidence in our country as a trading partner, as a place to do business, and as a market to invest capital," he concluded.

Trump's aggressive tariff hikes

President Donald Trump's aggressive tariff hikes last week have triggered a sharp decline in the stock market, raised concerns among Wall Street leaders, and intensified fears among economists about a potential U.S. recession, AP reported.

Set to take effect on Wednesday, the new tariffs include a sweeping 10% duty on nearly all countries, along with additional import taxes targeting 60 nations. Economists warn that the scale and swift implementation of these increases could significantly disrupt the economy, even if some measures are partially rolled back through upcoming negotiations, as reported by AP.