Donald Trump's global tariff trade war is "nonsense and stupidity" that will harm every country in the world, including the bosses of one of the most powerful property companies in the United States.

Mark Preston, CEO of the 348-year-old Grosvenor Group controlled by the Duke of Westminster, said he was "strongly convinced" that the president would eventually cancel the president's comprehensive tariff policy.

The billion-pound company head owns Mayfair and Belgravia's occupation in central London, saying Trump's trade war has not affected the business "substantively" but suggested that it caused wider economic losses.

"It's negative for everyone, including the United States," Preston said. "But, at the same time, I'm very sure it's nonsense and stupid, and it will eventually become obvious and it's OK on its own.

“So, as a long-term organization, we don’t jump up and down and panic about it.”

The company's executive trustee has an international business in addition to its London property portfolio, ranging from home construction in North America to student accommodation in Brazil and Australia, but past tariffs in the past were “basically unworkable”.

"It ended up reaching Gatt (a general agreement on tariffs and trade)," he said.

Preston's comments are due to Grosvenor's report on increased profits amid the cost cuts and higher rent growth, including more companies entering its office properties in central London.

Base profit climbed 16.5 per cent to £86.4 million last year, with occupancy on its properties rising by 2 per cent to 97 per cent. Its UK offices are 97.5% (Mayfair is 99%) and its homes and stores account for 95%. The group paid a dividend of £52.4 million to Duke's family and its trust, up from £51.1 million in 2023.

The company, owned by Hugh Grosvenor, 34, is one of Prince George's wealthiest men and godfathers in Britain, levied £107.4 million in taxes worldwide, including £71.7 million in the UK. By comparison, £112.2 million global taxes in 2023 include £61.9 million in the UK.

After returning to work in the office, Preston said the Hybrid job will stay here, but he won't invest money in it. “It feels like discovering a new normal, people are back in office settings, but five days a week.

“In fact, we are already beneficiaries of the company, and maybe historically they won’t take up space in this part of London…I want smaller space now and be ready to pay a decent rent for all these other amenities we can offer.”