Trump's tariff tactics spark global business backlash: "The president is losing the confidence of business leaders around the globe"
Due to the decision to impose tariffs on numerous countries, the President of the United States, Donald Trump, is losing the trust of business leaders worldwide, according to American investor and billionaire Bill Ackman, as quoted 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 initiating a global economic war, we are eroding trust in our country as a trading partner, he added.
In his opinion, because of the imposition of tariffs, the USA is heading towards a self-inflicted "economic nuclear winter."
Trump's policy dictates "reciprocal tariffs" of at least 10% on imports, but the rates for specific countries vary. In the case of China, the total rate is said to be 54%. Beijing responded with retaliatory tariffs of 34% on all American imports, CNBC noted, adding that Trump's actions are increasing concerns about 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 £7 billion. 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.
