Bill Ackman asked Donald Trump to pause his administration\u2019s tariff plans for a length of time.<\/p>\n
On Wednesday afternoon, that\u2019s what the president did.<\/p>\n
\u201cThank you on behalf of all Americans,\u201d Ackman said in a post on X following the announcement from the president\u2019s Truth Social account.<\/p>\n
President Trump stunned market watchers with a social media post<\/a> around 1 p.m. ET Wednesday authorizing a 90-day pause on his reciprocal tariff plans while keeping the 10% duties in place on most of the world that went into effect last weekend.<\/p>\n The president also announced he would unilaterally raise the rate on China to 125% because of “the lack of respect” that China has shown. The temporary reprieve from the massive tariffs was enough to send the S&P 500 index up more than 8% in intraday trading.<\/p>\n In a press conference with reporters, US Treasury Secretary Scott Bessent said Trump\u2019s decision was not influenced by the major rout seen across markets after the initial unveiling of his sweeping tariff policy a week ago, saying that \u201cthis was his strategy all along.\u201d<\/p>\n The 90-day pause allows the US to create a “bespoke” solution with over 75 countries that have engaged with the US for trade talks. \u201cThis was brilliantly executed by Donald Trump. Textbook, Art of the Deal,\u201d Ackman said in a subsequent post.<\/p>\n \u201cWe now understand who are our preferred trading partners, and who the problems are,\u201d Ackman said in a later post. \u201cThis is the perfect setup for trade negotiations over the next 90 days.\u201d<\/p>\n A billionaire hedge fund manager who runs Pershing Square Holdings (PSHZF<\/a>) and backed Trump during the 2024 campaign, Ackman started a public campaign to slow down the rollout of President Trump\u2019s tariffs beginning Sunday.<\/p>\n In a series of posts on X, he called the April 9 launch of “reciprocal” tariffs a “mistake,” asked for a 90-day pause, and warned of “a self-induced, economic nuclear winter.”<\/p>\n