Sir Richard Branson, founder of Virgin Group, recently expressed alarm regarding Donald Trump’s tariffs. He lamented these concerns on Thursday, July 6 when speaking with BBC London. In a conversation with work and money correspondent Meghan Owen, Branson stated that Trump “got a nasty shock” as the global economy faced significant challenges. The tech billionaire reiterated that Trump’s unilateralism has done “a tremendous amount of harm” to U.S. relations with allies and global economic stability.
Branson described the United States under Trump’s leadership as “one of the few countries in the world that is stable,” yet he noted that the unpredictability associated with Trump’s policies has led to adverse effects globally. He remarked on the recent turmoil, stating, “It’s that unpredictability that has done a lot of damage in the world in the last couple of months.”
Branson focused on the impact of Trump’s trade agenda. He pointed out that while Trump believed he could do crazy things like raise “ridiculous tariffs,” ultimately, he lost. He expressed hope that lessons have been learned and future approaches would be more sensible, saying, “With him you never know what’s going to happen.”
Branson is still optimistic in regards to the business climate in the UK. He described it as a “fantastic” place to start a business. This was true even after Brexit, a phenomenon that shocked many, and in light of the continuing uncertainty with respect to Trump’s tariffs. He communicated a compelling, realistic vision for London’s prosperity, focusing on his wish to see the city flourish and prosper for all its residents.
“I still think it’s a good time to start in the UK and… if we businesspeople can generate enough income for the UK, then taxes will start going down for people,” Branson stated. This sunny prediction dovetails nicely with his confidence that the city’s resilience will see it through any economic tempest.
James Bermingham, chief executive of Virgin Hotels, echoed Branson’s sentiments, reaffirming confidence in London’s ability to overcome challenges. He noted that “Londoners will weather any storm, and we’ve seen that decade after decade and crisis after crisis.” Bermingham praised the city’s ability to bounce back, stating, “The way people bounce back in the city truly sets a standard for the world to follow.”