Bill Ackman and Stanley Druckenmiller condemned President Donald Trump¡¯s decision to launch expansive global tariffs, which have plunged markets into chaos.

The new trade regime is a ¡°mistake,¡± said Ackman, the founder of Pershing Square and vocal Trump supporter, in a post on X. Druckenmiller, the former George Soros protege and longtime deficit hawk, also took to the platform to write a rare post expanding on criticisms he made of the policies from an interview in January.

¡°I do not support tariffs exceeding 10% which I made abundantly clear in the interview you cite,¡± Druckenmiller wrote Sunday, replying to a clip of an earlier interview with CNBC. Bloomberg News couldn¡¯t independently verify his account.

The widening criticism ¡ª including from Trump ally Ackman ¡ª came as Trump offered no indication he was prepared to claw back a punishing trade overhaul set to begin on April 9 that has pummeled markets.

¡°I strongly believe launching tariffs on April 9th against the entire world ¡ª massively in excess of what we are being charged ¡ª is a mistake,¡± Ackman wrote in a post on X.

For Ackman, the comments mark the sharpest divergence yet by one of the president¡¯s top Wall Street backers, who announced his support for Trump following an attempted assassination in July during the campaign trail.

The pair¡¯s comments add to earlier public writings from the founder of the world¡¯s largest hedge fund Bridgewater Associates, Ray Dalio, who said the ¡°the first order consequences of them will be significantly stagflationary in the U.S.¡±

A 90-day pause was needed to give Trump time to ¡°carefully and strategically resolve our historically unfair global trading position,¡± according to Ackman¡¯s post.

Neither Ackman nor Pershing Square have any margin leverage or other instruments which will create liquidity issues if the market crashes. ¡°We don¡¯t use margin. Never have. Never will,¡± he added.

Pershing Square only has one investment ¡ª Nike 3-year call options ¡ª directly affected by the tariffs, a position that represents 1.5% of the firm¡¯s portfolio, he said. Ackman said the firm wouldn¡¯t be ¡°sellers in a declining market,¡± even as it sees mark-to-market losses if the market crashes.

¡°We will be buyers of great businesses at highly discounted prices which will benefit us and our investors over the long term,¡± according to the post.

Ackman said Trump¡¯s attempt to strike deals while the market is collapsing doesn¡¯t help his negotiating position.

¡°Whoever is recommending that idea to our president should be fired promptly,¡± he added.