International Airlines Group, which owns British Airways says it has slashed the number of seats available by 75% for April and May.
Willie Walsh, who was due to stand down as IAG boss this month, will remain in his role to deal with the crisis.
“To date IAG has suspended flights to China, reduced capacity on Asian routes, cancelled all flights to, from and within Italy and made various changes to our network,” the group said in a statement to the London Stock Exchange.
It said President Trump’s decision to ban European travellers from the US had “added to the uncertainty on North Atlantic routes”.
Mr Walsh said: “We have seen a substantial decline in bookings across our airlines and global network over the past few weeks and we expect demand to remain weak until well into the summer.”
“We are therefore making significant reductions to our flying schedules.”
He said the airline group had the flexibility to make further cuts if necessary
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