Wealthy business executives are increasingly opposing the United States. During a time when losses are mounting on global stock markets, President Donald Trump discusses his plan to impose substantial tariffs on America's trading partners. Billionaire investor Bill Ackman, who had previously supported Trump’s 2024 presidential bid, warned on Sunday that moving forward with these tariffs would be equivalent to starting an “economic nuclear war.”

 On Wednesday, Trump announced that he would levy "reciprocal" tariffs that are significantly higher on dozens of nations that have the largest trade imbalances with the United States. On X, Ackman expressed his concerns, stating that "consumers will close their wallets" and "business investment will grind to a halt" if these new tariffs are implemented. He warned that the U.S. would “severely damage our reputation with the rest of the world, and it would take years—perhaps decades—to rebuild.”  Ackman’s post, which has been viewed 10.6 million times, emphasized that if Trump does not change his course, “we are heading for a self-induced, economic nuclear winter, and we should start hunkering down.”

 Ackman, the CEO of Pershing Square Capital Management, raised further alarm, asking, “What CEO and what board of directors will be comfortable making large, long-term economic commitments in our country in the middle of an economic nuclear war?”  He went on to say that Trump is "losing the confidence of business leaders worldwide." Already, Trump’s baseline 10% tariff on all imported goods to the U.S. has gone into effect as of Saturday, and many economies are bracing for even higher levies starting Wednesday.  Major U.S. trading partners like China and the European Union are facing new duties of 34% and 20%, respectively.

 Concerns have also been expressed by other influential businesspeople and billionaires. On Monday, Jamie Dimon, CEO of JPMorgan Chase, issued a warning that the tariffs could cause inflation, a slowdown in the global economy, and damage to America's international standing. In his annual letter to shareholders, Dimon said, “The recent tariffs will likely increase inflation and are causing many to consider a greater probability of a recession.”  He added, “Whether or not the tariffs cause a recession remains in question, but it will slow down growth.”

 In a post on X, billionaire investor Stanley Druckenmiller, founder of the Duquesne Family Office, voiced his opposition to tariffs higher than 10%. According to the Bloomberg Billionaires Index, Druckenmiller is worth an estimated $11 billion.

 Even Elon Musk, the world’s richest person and a strong supporter of Trump, said on Sunday that he hoped for a “zero-tariff situation” between the U.S. and Europe.  Musk advocated for the establishment of a "free-trade zone" between Europe and North America during a video call with Italy's Deputy Prime Minister Matteo Salvini. Ackman's concerns were echoed by Capital Economics' Deputy Chief Global Economist Simon MacAdam, who stated that businesses were likely to delay investments due to the "sheer uncertainty" surrounding Trump's tariff policy. He mentioned that businesses, especially those of medium and large sizes, would hesitate to invest if the tariffs were to be relaxed in a few months. He explained, "You would be wasting your time investing potentially hundreds of millions of dollars in new plants in the United States if those tariffs are going to be negotiated back down again." Ackman described the new tariffs as “massive” and “disproportionate,” adding, “This is not what we voted for.”  He called for a 90-day “time out” for Trump to negotiate with trading partners and resolve the issue of unfair tariffs.

 Trump, however, has maintained that his tariff agenda is aimed at correcting years of unbalanced trade between the U.S. and its partners, asserting that other countries impose higher tariffs on U.S. goods than the U.S. does on theirs.