Billionaire hedge fund investor Bill Ackman on Wednesday praised President Trump’s decision to implement a 90-day pause on reciprocal tariffs against foreign trading partners, with the exception of China.
“This was brilliantly executed by @realDonaldTrump,” Ackman wrote on the social platform X. “Textbook, Art of the Deal.”
His praise came after Trump ratcheted up tariffs to 125 percent on Beijing in response to retaliatory tariffs from the Chinese Ministry of Commerce. The administration, early Wednesday, levied a 104 percent import tax on the nation after China imposed a 34 percent reciprocal tariff on the U.S. following the president’s announcement of new duties last week.
In return, the Chinese government raised tariffs on the U.S. by 50 percent, bringing the overall level to 84 percent. On Wednesday afternoon, Trump announced the 90-day pause and the increase of import taxes on Beijing.
“Based on the lack of respect that China has shown to the World’s Markets, I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately. At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable,” Trump wrote on Truth Social.
The halt follows a chaotic past few days for markets across the globe amid the mounting trade war and as fears rise in the U.S. about a possible recession.
The 3-month reprieve on reciprocal tariffs, which went into effect overnight, caused the stock market to see a surge. Shortly after the president made the announcement, the Dow Jones Industrial Average rose by 2,000 points.
“Thank you on behalf of all Americans,” Ackman, who originally pressed Trump for a pause over the weekend, wrote Wednesday in a separate X post. He doubled down on his initial request Tuesday, saying he was supportive of the tariffs but wanted the president to allow room for negotiations.
Earlier Wednesday, the billionaire also suggested small businesses could struggle due to the president’s expansive trade agenda and reiterated his suggestion that the Trump administration hit the brakes on sweeping import taxes.
“If the president doesn’t pause the effect of the tariffs soon, many small businesses will go bankrupt,” Ackman said on X. “Medium-sized businesses will be next.”
