Bill Ackman: 'Just Pick Up The Phone'—Says Trump Will Reward Early Dealmakers, Punish Foreign Tariff Retaliation

As global markets shed $2 trillion in value following President Donald Trump‘s sweeping reciprocal tariffs, billionaire investor Bill Ackman offered pointed advice to foreign leaders.

What Happened: “My advice to foreign leaders is that if you have not already reached out to President Donald Trump, you need to do so immediately,” the Pershing Square Capital Management CEO wrote Thursday on X. “Trump is, at his core, a dealmaker who sees the world as a series of transactions.”

Ackman’s comments come as financial markets experience their worst sell-off, which echoes the COVID-19 pandemic-era routs. Apple Inc. AAPL plunged 9.25%, while NVIDIA Corp. NVDA tumbled 7.81% and Amazon.com Inc. AMZN dropped 8.98%.

The investor emphasized Trump’s negotiation approach: “Based on his track record to date with foreign governments, law firms, and universities, he is a tough, but fair negotiator. He loves to make deals and he loves to get things done promptly.”

Why It Matters: Ackman’s perspective aligns with Commerce Secretary Howard Lutnick, who said that the market reaction would be short-lived. “I expect most countries to start to really examine their trade policy towards the United States of America,” Lutnick said, suggesting America’s trading partners would ultimately adjust their policies.

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Meanwhile, billionaire Ray Dalio warned of “abrupt, unconventional changes” in markets as tariffs generate revenue for the imposing country while decreasing global efficiency and creating stagflationary pressures.

China has already threatened countermeasures, calling Trump’s actions “typical unilateral bullying.”

Ackman concluded his message with stark advice: “Countries that respond with additional tariffs on our goods will be severely punished. The carrot and the stick writ large, Big Boy style… Just pick up the phone. Call the President, and make a deal.”

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