Billionaire Bill Ackman takes victory lap after Trump pauses tariffs: 'Thank you on behalf of all Americans'

Billionaire hedge fund manager Bill Ackman urged President Donald Trump to pause his administration’s aggressive tariff plans, and on Wednesday afternoon, that’s exactly what the president did.

In response to the announcement, Ackman expressed his gratitude, posting on X, "Thank you on behalf of all Americans." The president stunned market analysts with a social media post around 1 p.m. ET, revealing that he had authorized a 90-day suspension of his reciprocal tariff strategy. However, Trump confirmed that the 10% duties on most countries, which had taken effect the previous weekend, would remain in place.

Trump also made headlines by announcing a significant increase in the tariff rate on Chinese imports, raising it to 125%, citing what he described as China’s "lack of respect." The temporary break from the sweeping tariffs sent the S&P 500 soaring, with an intraday rise of more than 8%.

During a press briefing, U.S. Treasury Secretary Scott Bessent explained that the tariff pause was not a response to the recent market downturn, which followed the original announcement of Trump's tariffs. Bessent asserted that the president’s decision was part of his broader strategy all along.

The 90-day break aims to allow the U.S. to create a "bespoke" solution with over 75 countries that have actively engaged in trade talks with the U.S. Ackman, a strong supporter of Trump’s 2024 campaign, praised the president’s move, describing it as "brilliantly executed" and "textbook, Art of the Deal." Ackman added, "We now understand who our preferred trading partners are and who the problems are," referring to the opportunity for future trade negotiations in the coming months.

Ackman, who heads Pershing Square Holdings, had been vocal in his opposition to the tariffs since Sunday. He publicly criticized the April 9 launch of "reciprocal" tariffs, calling it a "mistake," and pressed for a 90-day pause, warning of what he referred to as a "self-induced economic nuclear winter."

Other prominent financial figures also expressed concern about the potential economic fallout. JPMorgan Chase CEO Jamie Dimon warned that the likelihood of a U.S. recession had risen significantly, noting that a negative market reaction to the tariff policies could worsen unless significant progress was made in negotiations.