Connect with us

NEWS

Breaking News : Billionaire Trump backer warns of ‘economic nuclear winter’ over tariffs …See More

Published

on

 

Breaking News : Billionaire Trump backer warns of ‘economic nuclear winter’ over tariffs …See More

A billionaire backer of Donald Trump has urged the US president to pause his recently announced trade tariffs, or risk “a self-induced, economic nuclear winter”.

Amid market turmoil, hedge fund manager Bill Ackman said the president should take three months to allow countries to renegotiate their trading relationships with the US.

On Monday, Mr Ackman’s warning was echoed by another prominent Wall Street figure, with JPMorgan Chase chairman Jamie Dimon saying that Trump’s tariffs risked pushing up prices for Americans.

Breaking News : Billionaire Trump backer warns of 'economic nuclear winter' over tariffs ...See More

Despite the shockwaves, the American president has defended his new import taxes, saying “sometimes you have to take medicine to fix something”.
He says the move will boost his country with new jobs and investment, but economists warn that prices could rise for Americans and spark a trade war.

Share prices in Europe and Asia continued to plummet on Monday, as markets react to the sweeping, global tariffs announced by Trump last week.

In his post on X on Sunday, Mr Ackman acknowledged the Trump argument that the global trade system had “disadvantaged” the US.

But, he wrote, tariffs that Trump had imposed were “massive and disproportionate”, and did not distinguish between American friends and enemies.
Mr Ackman, the billionaire founder of Pershing Square hedge fund management company, became a high-profile supporter of Trump, a Republican, in July 2024.
He had previously backed the rival Democratic Party, and his intervention was seen as an important electoral endorsement from the world of business.
Ackman said the American leader now had “an opportunity to call a 90-day time out, negotiate and resolve unfair asymmetric tariff deals, and induce trillions of dollars of new investment in our country”.

His post on Sunday indicated that he felt the ball was back in Trump’s court – after an earlier message on X which urged leaders of other countries to “pick up the phone” to make a deal with Trump.

As stock markets around the world continue their slump on Monday, the head of banking giant JPMorgan Chase offered his own take, warning of “many uncertainties” around the new tariffs policy.

In a letter to shareholders, Mr Dimon said the tariffs will “likely increase inflation and are causing many to consider a greater probability of a recession”.

“The quicker this issue is resolved, the better because some of the negative effects increase cumulatively over time and would be hard to reverse,” he wrote.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

NEWS5 hours ago

Tragic Update: White House Issues Heartbreaking Statement That Stuns the Nation and the World In a deeply emotional announcement, the White House today confirmed news that has left both the country and the international community in mourning… Read More…

President Trump to attend Club World Cup final...See More
NEWS5 hours ago

President Trump to attend Club World Cup final…See More

NEWS13 hours ago

Inside Trump’s Sudden Diplomatic Push: Why He’s Hosting Five African Presidents This Week”…Full story

The romance between Kansas City Chiefs star Travis Kelce and Taylor Swift has become a defining love story of recent years - from stadium handshakes and sold-out Eras Tour stadiums to whispered marriage intentions... Full story
NEWS17 hours ago

Travis Kelce and Taylor Swift’s Relationship Under Scrutiny as Former Coach Suggests It’s Distracting From Game Performance Travis Kelce and Taylor Swift’s high-profile romance is drawing criticism once again—this time from a former NFL coach who hints the love story may be contributing to a recent slump in performance. The ex-coach questioned whether Kelce’s focus has shifted, reigniting debate over whether the couple’s star-powered relationship is affecting his season on the field…full details

NEWS2 days ago

The romance between Kansas City Chiefs star Travis Kelce and Taylor Swift has become a defining love story of recent years – from stadium handshakes and sold-out Eras Tour stadiums to whispered marriage intentions… Full story

NEWS2 days ago

SHOCKING REPORT: Donald Trump’s Son Allegedly Caught in Drug Scandal — White House in Damage Control Mode…Full details

Trump’s Unconventional Oval Office Style Leaves Some Foreign Leaders Uneasy... Full story
NEWS2 days ago

Trump’s Unconventional Oval Office Style Leaves Some Foreign Leaders Uneasy… Full story

NEWS2 days ago

Heroic Mission: Rescue Swimmer and Crew Save 165 Lives, Homeland Security Confirms…See More

NEWS2 days ago

Breaking : Here’s Why Taylor Swift Skipped Her Iconic Fourth of July Bash This Year…See More

Just in : Not Patrick Mahomes, Donna Kelce, or Caitlin Clark—Travis Kelce Finally Names His All-Time Favorite "New Heights" Guest... FULL details
NEWS3 days ago

Just in : Not Patrick Mahomes, Donna Kelce, or Caitlin Clark—Travis Kelce Finally Names His All-Time Favorite “New Heights” Guest… FULL details

NEWS3 days ago

Travis Kelce Puts Taylor Swift Proposal on Hold—Here’s Why He’s Pressing Pause on Popping the Question…Full story

NEWS4 days ago

Major Shift in Taylor Swift and Travis Kelce’s Relationship—Insiders Reveal What’s Really Going On… Full details below

Copyright © 2024 USAtides24