According to billionaire investor Bill Ackman, Trump is undermining the trust

According to billionaire investor Bill Ackman, Trump is undermining the trust of business leaders.

In a different tweet, Ackman criticized U.S. Commerce Secretary Howard Lutnick, stating, "He benefits when our economy collapses. Appointing a Secretary of Commerce whose firm is heavily invested in long-term fixed income is unwise," and he described it as an "irreconcilable conflict of interest."

On Sunday, Lutnick informed CBS that the Trump administration will continue to uphold its reciprocal tariffs against major trading partners, despite a global decline in stock markets.

The U.S. Department of Commerce has not yet responded to CNBC's request for a statement.

Correction: China is subject to the highest tariffs, with the Trump administration implementing 54% in duties since February. An earlier version incorrectly identified the month.