Markets sank further after China fired back at the U.S. with a sweeping 34% tariff on American goods, matching the import tax President Donald Trump imposed earlier.
The S&P 500 and the Nasdaq Composite both declined close to 5% on April 4. Year-to-date, the two indexes are down 12.5% and 18.4%, respectively.
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The tit-for-tat move fueled growing fears that the world’s two largest economies are barreling toward a prolonged trade war that could rattle supply chains, pressure earnings, and drag the already struggling U.S. economy closer to a recession.
Wall Street is on edge. Global leaders are scrambling. And one billionaire investor isn’t mincing words.
Bill Ackman’s portfolio is highly concentrated, with stakes in eight to 12 stocks at a time.
“Call the President,” advised Bill Ackman
Bill Ackman, founder and CEO of hedge fund Pershing Square, has been active in both trading and social media. He has increasingly used his online presence to share market commentary and political takes.
Now, the billionaire fund manager is urging world leaders to get on the phone with Trump on tariffs.
“My advice to foreign leaders is that if you have not already reached out to President, you need to do so immediately. Trump is, at his core, a dealmaker who sees the world as a series of transactions,” he said in a post on X.
Related: Veteran analyst revamps recession outlook amid tariff war
“I expect Trump will reward the early dealmakers with fairer deals than those that wait to sit down at the negotiating table. Countries that respond with additional tariffs on our goods will be severely punished.”
“Just pick up the phone. Call the President, and make a deal, “said Ackman bluntly.
Lloyd Blankfein, former CEO of Goldman Sachs, also suggested that Trump should let countries negotiate “reciprocal” tariff rates.
“Why not give them a chance?” Blankfein said in a post on X.
Nike shares rose after potential tariff cut
Some countries have already taken action to negotiate with the White House. Trump said on April 4 in a Truth Social post that he has talked with Vietnam about possibly cutting U.S. tariffs on imports from that country down to “zero.”
Prior to that, Trump imposed a new tariff of 46% on goods from Vietnam.
“Just had a very productive call with To Lam, General Secretary of the Communist Party of Vietnam, who told me that Vietnam wants to cut their Tariffs down to ZERO if they are able to make an agreement with the U.S.,” said Trump.
Nike stock price (NKE)  rallied 4% after Trump’s post. About 25% of the athletic apparel giant’s footwear is made in Vietnam. Nike is also one of the biggest holdings of Ackman’s portfolio.
Related: Billionaire Bill Ackman makes a number of moves that turn heads
In Q4 2024, Ackman’s Pershing Square bought 2.5 million Nike shares valued at $188 million, making his largest purchase by value during that quarter.
Nike’s stock price tumbled 30% in 2024, with most of the loss occurring at the end of the second quarter. On June 28, the company reported sales that missed analyst estimates. The stock fell 20%, its biggest one-day drop since 1980.
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Ackman also offered some tariff negotiation tips: “The best way to maximize the price you receive for a unique and highly desirable asset is to say that it is not for sale. The corollary in a negotiation is to say that you are not prepared to negotiate.”
“Sometimes the best strategy in a negotiation is convincing the other side that you are crazy,” Ackman added.
Related: Veteran fund manager unveils eye-popping S&P 500 forecast
