After weeks of anticipation and speculation, President Donald Trump followed through on his reciprocal tariff threats by declaring on Wednesday a 10% baseline tax on imports from all countries and higher tariff rates on dozens of nations that run trade surpluses with the United States.

Bill Ackman says the US should renegotiate its trading relationships - or risk shattering investors' confidence.

While Trump threatened China for its retaliatory tariffs, he also signaled he's open to negotiating to tariffs on imports from other countries.