Trump loses support from his billionaires

Not only has Elon Musk questioned the import tariffs imposed by Donald Trump. Another billionaire is also calling for an immediate pause in his tariff war.

Elon Musk has already spoken out against the tariff policy of Donald Trump, whom he helped into the White House. Another billionaire, Bill Ackman, a wealthy hedge fund manager who supported the Trump campaign last summer, warns of an "economic nuclear winter" if Trump does not call for a pause in his tariffs.

Last week, Trump announced new tariffs for nearly all trade partners of the United States. All countries are subject to a base rate of 10 per cent on all goods entering the US. Other partners, such as China, Vietnam or the European Union were subjected to even higher rates.

Financial markets around the world reacted negatively to the announcement on Monday, with sharp declines in stock markets.

Ackman wrote on X on Sunday that the entire country stands behind Trump if he wants to "fix a global system of tariffs". However, he fears that "massive and disproportionate tariffs on our friends and our enemies alike and thereby launching a global economic war against the whole world at once" could lead to "destroying confidence in our country as a trading partner, as a place to do business, and as a market to invest capital."

Ackman, CEO of the hedge fund Pershing Square, therefore urges negotiations between Trump and all American trade partners.

(PP with HL - Source: X, Newsweek - Picture: © DPA picture alliance / newscom | BONNIE CASH)