President Donald Trump announced a 90-day pause on certain tariffs Wednesday, triggering an immediate market rebound and mixed responses across the financial world. For registered investment advisors (RIAs) and wealth managers navigating turbulent markets, the move presents both opportunity and uncertainty.
Bill Ackman
Bill Ackman, CEO of Pershing Square Capital Management, called the move a "brilliant" tactic in a post on X, referencing Trump's negotiation style from *The Art of the Deal*. Ackman, who had advocated for a pause to minimize disruption, emphasized that the move could create space for constructive negotiation without destabilizing the global economy. He reiterated his position that China is a “bad actor,” urging Chinese leadership to engage directly with the administration. For RIAs managing portfolios with international exposure, Ackman’s stance suggests a cautiously optimistic outlook on trade re-engagement—provided China reciprocates.
David Sacks
David Sacks, now a White House advisor and former PayPal executive, praised the tariff pause as a strategic win. “Trump has been vindicated,” Sacks wrote. “China is isolated, and the rest of the world is lining up to negotiate new trade deals.” His commentary signals a potential shift toward more bilateral negotiations—something global investors and financial advisors should monitor closely for regional investment implications. Sacks also criticized those who predicted a market crash, highlighting the resilience and political dimensions of recent market volatility.
Diane Swonk
KPMG’s Chief Economist Diane Swonk cautioned that the pause doesn’t reduce overall trade friction. “The effective tariff rate is actually higher during the pause—peaking at 30.5% due to persistent tariffs on China,” she wrote. Swonk noted the complexity of the tariff structure and its unintended consequences, such as trade diversion. For advisors, her comments reinforce the importance of analyzing underlying trade data, not just headlines, when advising clients on international allocations and risk exposure.
Spencer Hakimian
Spencer Hakimian of Tolou Capital Management expressed frustration with the policy’s inconsistency, calling the reversal a return to “square one.” His critiques focused on the lack of strategic clarity and the policy’s whiplash effect on investor confidence. For wealth advisors, Hakimian's commentary is a reminder of the challenges that unpredictable policy changes pose to long-term planning and portfolio construction.
Chris Fralic
Venture capitalist Chris Fralic highlighted the asymmetry of market movements post-announcement, sharing a chart of surging stocks and noting, “If your portfolio drops by X% and then rises by X%, you’re still underwater.” His comments serve as a cautionary note for RIAs to stress long-term thinking with clients during volatile policy cycles. Momentum trades may create false signals, and retracements don’t always mean full recoveries.
Mark Cuban
Entrepreneur and investor Mark Cuban criticized the economic logic behind the tariff rollout, calling it “the Ivermectin of economic strategy.” He pointed to corporate behavior—specifically inventory hoarding to beat deadlines—as a drag on capital allocation and hiring. RIAs should note how preemptive corporate actions in response to tariffs may impact Q2 earnings, balance sheets, and hiring data, all of which influence sector outlooks and investment strategy.
Ray Dalio
Bridgewater Associates founder Ray Dalio applauded the decision to pause, but emphasized the need for structured negotiation. “There are better ways to handle debt and trade imbalances,” Dalio wrote, advocating for a deal with China that stabilizes currency markets and stimulates domestic demand. For global macro investors and advisors, Dalio’s comments underscore the interplay between monetary policy, trade, and currency trends—all essential factors in global portfolio positioning.
Richard Branson
Virgin Group founder Richard Branson called the move a “huge relief,” having previously urged the administration to correct course. Branson's sentiment reflects broader business community concerns over policy risk, a factor that wealth advisors must continue to weigh when advising business owners and high-net-worth clients exposed to global operations or supply chains.
Kevin O’Leary
“Shark Tank” investor Kevin O’Leary expressed a more aggressive stance, suggesting Trump should have hiked tariffs on China to 400%. He framed China as a persistent rule-breaker in global trade. While extreme, O’Leary’s comment highlights a viewpoint that further trade escalation remains on the table. For RIAs, his position reinforces the need for scenario planning and diversification in case of renewed tensions.
Bill Gross
PIMCO co-founder Bill Gross took a skeptical tone, warning investors about the market’s vulnerability to executive unpredictability. “Would you want to own highly volatile U.S. stocks whose price depends on whether POTUS had a good night’s sleep?” he asked. Gross’s comment speaks directly to portfolio risk management—a key advisory function. Advisors should consider hedging strategies, lower-beta equity allocations, and income-generating assets as tools to navigate such macro-driven volatility.
Conclusion
For RIAs, the 90-day tariff pause injects a temporary sense of relief—but not certainty. The reactions from market veterans highlight the complex, often conflicting interpretations of trade policy’s impact on the economy and markets. Advisors should continue emphasizing fundamentals, macro awareness, and long-term discipline while helping clients navigate policy shifts that can quickly reshape market sentiment.
