Trump's tariff strategy erodes global business trust: "The president is losing the confidence of business leaders around the globe"
As a result of the decision to impose tariffs on dozens of countries, the President of the United States, Donald Trump, is losing the trust of business leaders around the world, as evaluated by American investor and billionaire Bill Ackman, cited by the broadcaster CNBC.
"Business is a confidence game. The president is losing the confidence of business leaders around the globe," stated Bill Ackman.
By imposing huge and disproportionate tariffs on our friends and foes and starting a global economic war against the entire world, we are destroying trust in our country as a trading partner, he added.
In his opinion, due to the imposition of tariffs, the USA is heading towards a self-imposed "economic nuclear winter."
Trump's ordinance provides "reciprocal tariffs" of at least 10% on goods imported from abroad, but the rates for specific countries vary. In the case of China, the total rate is supposed to be 54%. Beijing responded with retaliatory tariffs of 34% on all American imports, CNBC noted, adding that Trump's moves fuel fears of a global economic slowdown.
"This is not what we voted for"
"The consequences for our country and the millions of our citizens who have supported the president — in particular low-income consumers who are already under a huge amount of economic stress — are going to be severely negative. This is not what we voted for", he said.
Ackman founded and manages the hedge fund Pershing Square Capital Management. He ranks 311th on this year's "Forbes" list of billionaires, with his wealth estimated at 9 billion dollars. He is a philanthropist, pledging to donate at least 50% of his wealth to charitable causes during his lifetime. After decades of supporting the Democratic Party, Ackman endorsed Trump's candidacy for president last year.
