Well-known American businessman and billionaire Bill Ackman says that President Donald Trump is waging an "economic nuclear war" against the rest of the world with his import duties. Ackman had expressed his support for Trump during the election campaign.

Ackman, the CEO of investment firm Pershing Square Holdings, said in a message on X that Trump should pause his tariffs and that trade disputes should be resolved through negotiations. According to Ackman, the president is in danger of losing the confidence of the international business community.

"The president has the ability to call a 90-day timeout. But if we were to wage a nuclear economic war with every country in the world, business investment would grind to a halt, consumers would close their wallets, and we would do serious damage to our reputation around the world that could take decades to repair," Ackman said.

'Serious negative' consequences

The tariffs have raised fears of a global recession in financial markets and caused stock prices to plummet. Ackman said "huge and disproportionate tariffs" have been levied against friends and foes alike, destroying confidence in the United States as a trading partner and investment market.