PANews reported on April 8 that Bill Ackman, a well-known hedge fund manager, apologized for his previous accusations against U.S. Commerce Secretary Howard Lutnick , saying that his motives should not be questioned and that he believed that he was doing his best to serve the country on behalf of the president. He stressed that tariffs were a major policy mistake that could jeopardize the current economic progress of the United States, and also expressed the hope that he would eventually be "slapped in the face" that this policy would bring positive results to the country and the global economy. Previously, Ackman criticized Lutnick's institution for being "indifferent" to the stock market decline because it was long on bonds.