Mark Preston, chief executive of Grosvenor Group, criticized Donald Trump's global tariff policies as fundamentally flawed, stating they will cause significant economic damage worldwide, including to the US. He expressed a strong belief that these tariffs are temporary and will eventually be reversed, similar to past tariff failures leading to agreements like GATT. Despite the tariffs, his company has seen a rise in profits and occupancy, indicating resilience in its London property market amidst global economic challenges posed by the trade war.
Mark Preston criticized Trump's global tariff trade war, claiming it is fundamentally flawed and detrimental to every country, including the US. He believes it will eventually be reversed.
Preston emphasized that Trump's tariff policies have not significantly impacted Grosvenor Group's business but are causing wider economic damage globally.
He unapologetically stated that the trade war is 'nonsense and stupid,' expressing confidence that its negative effects will become clear, leading to its eventual rectification.
Grosvenor Group reported a 16.5% increase in underlying profits, thanks to cost management and a rise in occupancy, with UK offices seeing an occupancy rate of 97.5%.
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