(Bloomberg) — President Donald Trump’s decision to launch global tariffs on April 9 is a “mistake,” Pershing Square’s billionaire founder Bill Ackman said.
“I strongly believe launching tariffs on April 9th against the entire world — massively in excess of what we are being charged — is a mistake,” Ackman wrote in a post on X.
Ackman added that he thought a 90-day pause was needed to give Trump time to “carefully and strategically resolve our historically unfair global trading position.”
Trump’s announcement of 10% baseline tariffs on US trading partners worldwide is reshaping markets, with higher duties on some nations — which replace, rather than add to the 10% rate — set to begin on April 9.
Neither Ackman nor Pershing Square have any margin leverage or other instruments which will create liquidity issues if the market crashes. “We don’t use margin. Never have. Never will,” he added.
Pershing Square only has one investment — Nike 3-year call options — directly affected by the tariffs, a position that represents 1.5% of the firm’s portfolio. Ackman said the firm wouldn’t be “sellers in a declining market,” even as it sees mark-to-market losses if the market crashes.
“We will be buyers of great businesses at highly discounted prices which will benefit us and our investors over the long term,” he said.
Ackman’s comments came shortly after Trump told reporters on Sunday night that while he’s not intentionally fueling a market selloff, he won’t claw back tariffs unless a deal eliminates the US trade deficit.
Ackman said Trump’s attempt to strike deals while the market is collapsing doesn’t help his negotiating position.
“Whoever is recommending that idea to our president should be fired promptly,” he added.
Ackman’s stance on the impending tariffs is a shift from the bullish outlook he had on the Trump administration. In a post on X last November, he wrote that the US had become the best country for investment after Trump’s win, saying “growth is about to explode.”
(Updates with context in final paragraph.)
©2025 Bloomberg L.P.
(Bloomberg) — President Donald Trump’s decision to launch global tariffs on April 9 is a “mistake,” Pershing Square’s billionaire founder Bill Ackman said.
“I strongly believe launching tariffs on April 9th against the entire world — massively in excess of what we are being charged — is a mistake,” Ackman wrote in a post on X.
Ackman added that he thought a 90-day pause was needed to give Trump time to “carefully and strategically resolve our historically unfair global trading position.”
Trump’s announcement of 10% baseline tariffs on US trading partners worldwide is reshaping markets, with higher duties on some nations — which replace, rather than add to the 10% rate — set to begin on April 9.
Neither Ackman nor Pershing Square have any margin leverage or other instruments which will create liquidity issues if the market crashes. “We don’t use margin. Never have. Never will,” he added.
Pershing Square only has one investment — Nike 3-year call options — directly affected by the tariffs, a position that represents 1.5% of the firm’s portfolio. Ackman said the firm wouldn’t be “sellers in a declining market,” even as it sees mark-to-market losses if the market crashes.
“We will be buyers of great businesses at highly discounted prices which will benefit us and our investors over the long term,” he said.
Ackman’s comments came shortly after Trump told reporters on Sunday night that while he’s not intentionally fueling a market selloff, he won’t claw back tariffs unless a deal eliminates the US trade deficit.
Ackman said Trump’s attempt to strike deals while the market is collapsing doesn’t help his negotiating position.
“Whoever is recommending that idea to our president should be fired promptly,” he added.
Ackman’s stance on the impending tariffs is a shift from the bullish outlook he had on the Trump administration. In a post on X last November, he wrote that the US had become the best country for investment after Trump’s win, saying “growth is about to explode.”
(Updates with context in final paragraph.)
©2025 Bloomberg L.P.
