Overview

• Billionaire investor Bill Ackman has accused Commerce Secretary Howard Lutnick of benefiting from the economic downturn due to Cantor Fitzgerald's bond-heavy investments.
• Ackman claims Lutnick's financial interests are misaligned with the nation's, describing himself as 'long America' and Lutnick as 'short America.'
• The U.S. stock market has seen steep declines, with major indices nearing or entering bear market territory following the Trump administration's tariff policies.
• Moody's estimates a 45% chance of a U.S. recession, while JP Morgan predicts a recession in the second half of 2025 due to escalating trade tensions.
• Global retaliation to U.S. tariffs has intensified, raising fears of a prolonged trade war and prompting calls for a reassessment of the administration's policies.