Key Donald Trump ally turns against him on tariffs as stock market implodes
The US stock market lost nearly ten percent of its value in two days last week. Tonight’s overnight trading looks even worse, and Japan had to halt trading on one of its markets. It’s obvious to everyone that Donald Trump’s tariff wars are backfiring on him – except for Trump himself. He appears to be way too far gone to understand anything that’s happening. But that isn’t stopping key allies from slamming on the brakes.
Key Donald Trump economic ally Bill Ackman, a billionaire hedge fund manager who supported Trump’s 2024 campaign, is now publicly calling for Trump to halt his tariffs entirely for ninety days. This is a huge blow to Trump, because most of Wall Street is already firmly against him – and now he’s losing the biggest and arguably only Wall Street ally he has left.
Any ninety day halt to Trump’s trade war would obviously mean the end of the trade war entirely. Ackman’s plan would merely be a way to allow Trump to save a little bit of face while canceling his trade war with his tail between his legs. We’ll see if Trump listens to Ackman (so far he’s listened to no one on tariffs). If not, let’s just say that Monday could be one of the ugliest days in US stock market history.
