Billionaire Richard Branson warns that customs duties are “a colossal mistake”. “America will pay a painful price for years”
Richard Branson speaks during a technology and business event in Scandinavia, Techarena 2025, at Stockholm Arena, Sweden, on February 20, 2025. Photo: Anders Wiklund / TT / Shutterstock Editorial / Profimedia
The United States “will face the ruin for many years from now” if the Trump administration does not immediately change its course on its new tariff policy, British billionaire Richard Branson on Monday, according to CNBC.
“The US government can still recover the situation, but it has to act in the next few hours,” wrote the co-founder of Virgin Group, in a series of messages published on the social platform X.
“This is time to recognize a colossal mistake and change direction. Otherwise, America will pay a painful price for years,” Branson wrote.
(4/4) This is the moment to over to a Colossal Mistake and Change Course. Otherwise, America Will do ruin for years to come.
– Richard Branson (@richardbranson) April 7, 2025
His warning came in the context of escalating commercial tensions between the US and China, after President Donald Trump threatened with 50%additional taxes on Chinese imports, if Beijing does not give up his response measures.
In a post on the social network Truth Social, Trump gave China time until Tuesday, April 8, to cancel 34%taxes, imposed in response to the “mutual” rates revealed at the White House last week.
Donald Trump, ultimatum for China if he doesn't give up the response to customs duties. Promised additional measure
Trump also wrote that he will cancel all the discussions planned with Beijing if he does not comply with his request.
China's action came “despite my warning” that any country that will respond against new American rates “will immediately receive new and substantially higher rates, over those initially set,” Trump wrote.
“In addition, all discussions with China regarding the meetings requested with us will be concluded! Negotiations with other countries, which have requested meetings, will start immediately. Thank you for the attention paid to this issue!”, Added the US president.
On Wednesday, Donald Trump announced an additional 34% fee for all Chinese products imported to the US, which adds to the 20% fare previously imposed in order to reduce the import of fentanyl from China to the US.
