Europe’s beloved luxury brands may be largely sheltered from the initial effects of sweeping U.S. tariffs, but the risks of a wider economic downturn spell bad news for the sector.

“Thank you on behalf of all Americans,” Ackman wrote in a post on social media platform X. Shortly after, he added, “[Treasury Secretary Scott Bessent] rocks!”

“Thank you on behalf of all Americans,” Ackman wrote in a post on social media platform X. Shortly after, he added, “[Treasury Secretary Scott Bessent] rocks!”

“Thank you on behalf of all Americans,” Ackman wrote in a post on social media platform X. Shortly after, he added, “[Treasury Secretary Scott Bessent] rocks!”

“Thank you on behalf of all Americans,” Ackman wrote in a post on social media platform X. Shortly after, he added, “[Treasury Secretary Scott Bessent] rocks!”

“Thank you on behalf of all Americans,” Ackman wrote in a post on social media platform X. Shortly after, he added, “[Treasury Secretary Scott Bessent] rocks!”

“Thank you on behalf of all Americans,” Ackman wrote in a post on social media platform X. Shortly after, he added, “[Treasury Secretary Scott Bessent] rocks!”

“Thank you on behalf of all Americans,” Ackman wrote in a post on social media platform X. Shortly after, he added, “[Treasury Secretary Scott Bessent] rocks!”

“Thank you on behalf of all Americans,” Ackman wrote in a post on social media platform X. Shortly after, he added, “[Treasury Secretary Scott Bessent] rocks!”

Stocks skyrocketed in a kneejerk reaction to President Donald Trump’s announcement to put a 90-day pause on some of the lofty ‘reciprocal’ tariffs.