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Sir Richard Branson has launched a stinging criticism of Donald Trump’s tariffs, warning that the US president’s economic policies risk “doing so much damage”.
The founder of Virgin Group said Trump’s “erratic and unpredictable” policies were “very difficult for businesses to deal with”, after Washington announced a wave of tariffs and trade barriers earlier this month that have shaken global markets.
Virgin Group owns an investment portfolio that includes stakes in a range of businesses, including travel, entertainment and telecoms.
“If we take Virgin, our cruise ships were booming, our airline was booming, our health clubs were full . . . They’re still OK, but you just sort of feel . . . if he continues, he’s in such danger of doing so much damage in this world,” Branson said on Wednesday.
The US government earlier this month unveiled a series of tariffs on goods imported from its trading partners, which have threatened to disrupt global trade.
Trump announced a 90-day pause on some of the toughest measures days later, following a big market sell-off, but he also ignited a trade war with Beijing by raising levies on most Chinese goods to as much as 145 per cent.
“It’s just such a pity because everything was going so bloody well up to about three months ago,” Branson said.
The billionaire was speaking as his long-haul specialist airline Virgin Atlantic launched a new daily route to Riyadh in Saudi Arabia from London’s Heathrow airport.
The airline, which is 51 per cent owned by Virgin Group, flies most of its passengers between the UK and the US, and is heavily exposed to a potential downturn in transatlantic flying.
Shai Weiss, Virgin Atlantic’s chief executive, said on Wednesday that some passengers had delayed booking trips because of the uncertainty.
But he said the weakness of the US dollar, which has fallen in reaction to Trump’s tariffs, could help encourage British travellers to book holidays in the US.
Virgin Atlantic earlier this month warned that it had seen signs of softer demand from US customers booking to fly to Europe, one of the first signs of a slowdown in demand for transatlantic flying.
The number of European travellers visiting the US has fallen sharply as political and economic tension have combined with fears of a more hostile border policy, the Financial Times has previously reported.
Virgin Atlantic also announced on Wednesday the launch of flights to South Korea from 2026, as it expands its routes to Asia. “Whilst transatlantic travel remains core to our business, we are incredibly excited to expand our network in the east,” said Juha Järvinen, chief commercial officer.