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Among the most vociferous critics of the tariffs has been billionaire hedge fund manager Bill Ackman, who was one of Trump’s most steadfast supporters during the presidential campaign and since the election.

Another Trump backer, the billionaire fund manager Bill Ackman, has called for a pause on the tariffs to stave off what he called "major global economic disruption."

Bill Ackman, a billionaire hedge fund manager who backed Trump in the 2024 presidential campaign, warned of a “self-induced, economic nuclear winter” if the president refused to back down.

Amid market turmoil, hedge fund manager Bill Ackman said the president should take three months to allow countries to renegotiate their trading relationships with the US.

None of the major investors appears to be agitating for change at the moment – although in media interviews this week, one long-term shareholder-turned-vocal critic, the investment fund manager Ross Gerber, did call for Mr Musk to step down.