NEW YORK (Reuters) - Billionaire investor Bill Ackman's Pershing Square Holdings portfolio has lost nearly 14% so far this year, the firm told investors on Wednesday.

The losses, through April 8, do not include gains seen on Wednesday, when markets surged after U.S. President Donald Trump paused most tariffs for 90 days.

The losses, primarily incurred over the previous week, reflect sharp global declines as investors reacted to the Trump administration's plans to impose heavy tariffs on nearly all trading partners.

In the first quarter, Pershing Square Holdings slipped just 1.2%.

Ackman invests in a select group of U.S. stocks, including Nike and Chipotle Mexican Grill, both of which have suffered losses since January but saw double-digit gains on Wednesday.

His portfolio is closely watched in the industry for investment trends.

Long known as one of Wall Street's most outspoken investors, Ackman took to X this week to express his dismay about the proposed tariffs, warning they could push the economy into recession.

He suggested holding tariffs at 10% across the board, keeping pressure on China, while pausing reciprocal tariff implementation for 90 days.

Trump on Wednesday paused the tariffs, and the S&P 500 index jumped more than 9%.

Ackman has delivered some of the hedge fund industry's strongest returns, including a remarkable 70.2% gain in 2020, the year the COVID-19 pandemic struck.