Billionaire says we’re facing ‘nuclear economic winter’ under Trump, as Elon Musk rebels

The brutal crash of the stock markets continues since Trump announced tariffs on all countries, sparking fear of a global recession, while criticism starts to pour in from all sides.

Business leaders, including many of Trump’s allies, are extremely worried and seem to be losing confidence in the face of the confusion generated by his drastic measures, and several of them are starting to express their concerns publicly as Wall Street enters bear market territory.

Billionaire Bill Ackman, a Trump ally, is pressing him to institute a 90-day tariff pause, claiming the world is headed towards a «economic nuclear winter» and that negotiations must be initiated with countries. 

Meanwhile, he expressed his anger on X about the appointment of Howard Lutnick, chosen by Trump for the position of Secretary of Commerce. Ackman denounces a blatant conflict of interest and believes it is imprudent to appoint a Secretary of Commerce whose company is heavily invested in long-term bonds.

Navarro, Trump’s chief advisor for trade and manufacturing, is now being targeted by billionaire Elon Musk. Musk, who invested millions to elect Trump and lost billions in stock value since Trump’s ‘day of liberation’, blames him for his advice and accuses him of having an ‘ego/brains problem’.

For his part, Musk expresses the desire to see a ‘zero-tariff situation’ and a ‘free trade zone’ between Europe and the United States.

In his annual letter to shareholders, JPMorgan Chase CEO, Jamie Dimon, expressed a fairly clear opinion on Trump’s tariffs, stating that they risk affecting the United States’ long-term economic alliances.

He then stated that the tariffs imposed by Trump would likely lead to increased inflation, thus bringing the risk of a high recession closer.

During an event for the Economic Club of New York, BlackRock CEO Larry Fink said that most of the CEOs he has spoken to in recent days think we are probably already in recession.

Fink also expressed his concerns about the risk of high inflation, which could lead to an increase in interest rates well beyond their current level.

Shortly after the markets opened on April 7, Walter Bloomberg, a X user, relayed a message stating that the Director of the National Economic Council, Kevin Hassett, had said that Trump was considering a ’90-day tariff pause’ for all countries, which led to a sharp market surge.

However, after correction, the market crashed again following the statement by the White House that the rumor was a ‘fake news”.

Donald Trump, for his part, states on Truth Social that those who panic are ‘weak and stupid’. Several other publications on the platform have been made, with quotes such as: ‘President Trump is not going to bend’ and ‘President Trump unleashes economic prosperity’.

Finally, following China’s announcement over the weekend to impose its own retaliatory tariffs of 34% on the tariffs announced by Trump on last Friday’s ‘liberation day’, Trump is threatening China with additional tariffs of 50%, starting April 9, if China does not withdraw its 34% increase.