OMA, Nebraska – Warren Buffett on Saturday criticised President Donald Trump’s hard-pressed trade policy without directly naming it, saying slapsing punitive tariffs on other parts of the world is a big mistake.
“Trade should not be a weapon,” Buffett told the Berkshire Hathaway shareholders meeting, the annual rally in front of thousands of people in Omaha, Nebraska. “The more prosperous the rest of the world, the less it costs us, I think we will thrive more, and we will feel safer, and that your children will one day feel.”
Trade and tariffs “can be an act of war,” the legendary investor added. “And I think that led to something bad. It’s just the attitude that it brought about. In the US, we should try to trade with other parts of the world, and we should do our best and they should do our best.”
His most direct Buffett’s comments on his tariffs came after the White House unfolded the highest taxation on generational imports shocked the world last month, causing extreme volatility on Wall Street. The president later continued to announce a sudden 90-day suspension for most of the increase, except for China, as the White House tried to make deals with the country. The suspension has stabilized the market somewhat.
Still, Trump slapped 145% tariffs on imported Chinese goods this year, urging China to impose a 125% retaliation. China said last week it is assessing the possibility of commenceing trade negotiations with the US.
Buffett explained that protectionist policies could have long-term negative consequences for the United States after becoming the world’s leading industrial nation.
“In my view, when you get 7 billion people you don’t really like and 300 million people who are somehow screaming about how well they did, that’s a big mistake. “The US won. So we went from nothing 250 years ago to an incredibly important country. There was no such thing.”
Investors were waiting to hear from the 94-year-old “Omaha Oracle” about his guidance on navigating an assessment of the uncertain macroen environment and economic status. From trillion dollar Berkshire’s vast insurance, transportation, energy, retail and other businesses, from GEICO to Burlington Northern to the Daily Queen, Buffett will be qualified on his own to comment on the current health of the American economy. It was reported that the first quarter GDP was signed since 2022.
In its first quarter revenue report, Berkshire said tariffs and other geopolitical events created “severe uncertainty” for the conglomerate. The company said it cannot predict the potential impact of tariffs at this time.
Buffett has been selling stocks for 10 consecutive quarters in defensive mode. Berkshire dumped more than $134 billion in shares in 2024, primarily due to cuts from Berkshire’s two largest shareholdings, Apple and Bank of America. As a result of the sale, Berkshire’s vast cash pile grew to $347 billion at the end of March, growing to yet another record.
