Richard Branson called on Donald Trump to realize his ‘mistake’ on his global rates strategy and change course after the stock market wiped trillions of dollars and wiped the values of people and people’s investments and pensions.
The founder of the Virgin Empire said that America and the rest of the world could still avoid the catastrophic fall of rates with a quick turnaround after the meaningful economic policy, and warned to make people poorer everywhere.
Share prices fell worldwide worldwide on Friday when markets scared over the US president’s introduction to rates on almost every country. Britain’s FTSE-100 and leading US indices have all had their worst declines since the beginning of the Covid-19 pandemic in 2020.
China’s retaliation match of a 34 percent tariff on the import of all US products has launched a trade war between the world’s two largest economies.
Economists warn of an increase in inflation and weaker growth. JP Morgan says there is a 60 percent chance of a recession. in the US.
In a clear message on Mr. Trump is aimed, Mr. Branson placed on X: ‘Strong leadership means taking risks and trying things – but if that doesn’t work, you realize your mistake and correct.
‘One of the most important lessons I learned from 60 years of business is to accept if I am wrong and change course. The US government’s livestock tariffs are taking the world’s economy in a dangerous direction. They will aggravate people everywhere – especially in America.
‘It’s not just about the economy. Countries that prosper and thrive reasonably and healthy. It reduces poverty, improves health and education and reduces the likelihood of war. ‘
He added: ‘Courage and self -awareness are cornerstones of true leadership. This includes the recognition of errors and corrections.
“With a rapid turnaround to the meaningful economic policy, America and the rest of the world can still avoid the catastrophic fall from these rates.”
As well as share prices, the value of the US dollar and even gold fell Friday.
The US Federal Reserve chairman, Jerome Powell, said rates and their likely economic and inflationary consequences were “significantly greater than expected” and “highly likely” to lead to “at least a temporary increase in inflation” in the US.
But the president insisted that he would not go back and claimed that the rates would eventually benefit the US economy.
AJ Bell analysts estimate that about £ 3.8 trillion since the announcement of Mr. Trump, whom he regarded as ‘Liberation Day’ for US workers, was wiped out of the value of the global stock market.
Sir Keir Starmer will have talks with world leaders over the weekend, as nations run off the economic hit and decide whether to be reciprocal with rates at Washington.
Sir Keir was encouraged by former Prime Minister Sir Tony Blair yesterday not to retaliate again, saying that such a move would not be in the British “best interests”.
