Bill Ackman walks back criticisms of Commerce Secretary Howard Lutnick amid tariff backlash
Tuesday, 8 April 2025 () Billionaire investor Bill Ackman walked back his criticisms of Commerce Secretary Howard Lutnick on Monday, while maintaining his problem with President Trump's tariffs.
Goldman Sachs has raised the odds of a major US and global recession, warning that President Trump’s new tariffs could trigger a sharp economic downturn. Amid rising market panic and tightening financial conditions, Goldman forecasts a 45% chance of recession and slashes the US growth forecast for 2025 to 0.5%. The move comes after a global market meltdown, with China experiencing its biggest crash since 2008 and the EU facing harsh tariffs of 20%. Meanwhile, JPMorgan highlights US trade policies as the biggest risk to the global economic outlook, as retaliation, supply chain disruptions, and business uncertainty intensify. With Wall Street witnessing a $6.6 trillion wipeout in just two days, investor Bill Ackman warns that these policies could lead to an "economic nuclear winter." As countries like Canada and the EU consider stronger responses, the global trade landscape enters a volatile new phase.
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The White House has issued a clarification on the explosive 245% tariff targeting Chinese imports. The new addendum reveals a two-tier structure—some goods will face the full 245%, while others remain at 145% for now. Trump’s administration has unleashed a historic wave of tariffs, including legacy measures from his first term, Biden-era expansions, and new 2025 hikes. China’s Foreign Ministry spokesman Lin Jian condemned U.S. pressure, warning of firm retaliation. From lithium batteries to squid and syringes, the fallout is just beginning. China says it’s open to talks—but not to blackmail.
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