Billionaire hedge fund manager Bill Ackman on Wednesday praised President Donald Trump for pausing most of his recently announced tariffs on foreign imports.

Ackman, the founder and chief executive officer of Pershing Square Capital Management, thanked Trump in a social media post for his move to suspend tariffs on countries that did not retaliate against the U.S. when he first announced the levies for 90 days while also raising tariffs on China.

“Based on the lack of respect that China has shown to the World’s Markets, I am hereby raising the Tariff charged to China by the United States of America to 125%, effective immediately. At some point, hopefully in the near future, China will realize that the days of ripping off the U.S.A., and other Countries, is no longer sustainable or acceptable,” Trump wrote in a post on his social media platform, Truth Social.

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