Billionaire MAGA Convert Pleads for ‘Pause’ on Tariffs
“The risk of not doing so is that the massive increase in uncertainty drives the economy into a recession, potentially a severe one,” hedge fund manager Bill Ackman wrote on X.
Bryan Bedder/Getty
A former Democratic Party donor turned MAGA supporter pleaded with President Donald Trump to suspend his devastating new tariffs.
“The risk of not doing so is that the massive increase in uncertainty drives the economy into a recession, potentially a severe one,” hedge fund manager and GOP newbie Bill Ackman wrote in an X post late Saturday night.
Ackman said Trump’s “phone has been ringing off the hook” with calls from panicking business leaders and investors since “Liberation Day,” when the president introduced sweeping new levies against international trade partners.
He went on to say that he would “not be surprised to wake up on Monday” to discover Trump had postponed the new measures to give “companies large and small the time to prepare for changes in their supply chains.”
“One thing is for sure: Monday will be one of the more interesting days in our country’s economic history,” he added.
Ackman is not the only longtime Democrat turned Trump supporter to have blinked in the face of punitive tariffs that have plunged the economy into chaos, wiping trillions of dollars off the global stock market overnight.
Get the best of The Beast delivered right to your inbox
By clicking “SUBSCRIBE” you agree to our Terms of Use and Privacy Policy.
In an unprecedented development, Trump’s top campaign donor turned government efficiency czar, Elon Musk, has also hit out against the measures.
During a videoconference with the Italian far-right League party on Saturday, the Tesla CEO called for Europe and the United States to move toward “a zero-tariff situation, effectively creating a free-trade zone.”
He said he hopes for “a very close partnership” between the U.S. and the European Union and “more freedom of people to move between Europe and North America.” This puts him at odds with White House trade advisor Peter Navarro.
Earlier on Saturday, Musk launched a massive broadside against Navarro on X, ripping into the trade guru for holding a PhD from Harvard (a big no-no in Musk’s book) and accusing him of being more ego than brains.
Navarro, for his part, has denied any rift with the DOGE chief while also dismissing Musk’s criticism as a product of concern for Tesla.
“He’s simply protecting his own interests as any business person would do,” the trade advisor said in a Sunday interview with Fox. “We’re more concerned about Detroit building Cadillacs with American engines, and that’s what this is all about.”
See more of our coverage in your search results.
Got a tip? Send it to The Daily Beast here.
Unlock a year of full access to The Looker and The Daily Beast for $35.
Monthly
$1
First month then $5.99/month
Annual
$35
First year then $59.99/year
Premium
$79
First year then $119.99/year
*Substack access provided by the next business day, using your subscription email. Choosing the Premium plan constitutes your permission to share your subscription email with Substack and your agreement to Substack’s Privacy Policy.
Looks like you already have a subscription!
You're all set!
Thanks for subscribing.
Register below to read this article for free or subscribe
to unlock unlimited access to The Looker and The Daily Beast.
Monthly
$1
First month then $5.99/month
Annual
$35
First year then $59.99/year
Premium
$79
First year then $119.99/year
*Substack access provided by the next business day, using your subscription email. Choosing the Premium plan constitutes your permission to share your subscription email with Substack and your agreement to Substack’s Privacy Policy.
Already have an account? Sign In
Looks like you already have a subscription!
You're all set!
Thanks for subscribing.
Sign in
Login dialog