Billionaire supporter of Donald Trump, Bill Ackman, has urged the American president to halt his recently announced trade tariffs, or risk a “nuclear economic winter.”
On Monday, Ackman’s warning was echoed by another prominent figure from Wall Street, Jamie Dimon, who said that Trump’s tariffs could lead to higher prices for Americans.
Despite the unsettling waves, the American president has defended his new import taxes, saying that “sometimes you need to take medicine to fix something.”
Trump claims that the measure will revive the U.S. with new jobs and investments, but economists are warning that prices could rise for Americans and ignite a trade war.
Stock prices in Europe and Asia continued to fall on Monday as markets reacted to the sweeping global tariffs announced by Trump last week.
