Warren Buffett hit out at President Donald Trump’s global trade war on Saturday, saying trade should not be a “weapon.”
Speaking at Berkshire Hathaway’s annual meeting in Omaha, Nebraska, Buffett did not directly name Trump, but made clear his distaste for tariffs.
Buffett made the comments in response to the first question during his widely watched Q&A, the centerpiece event of the annual meeting.
“Trade should not be a weapon,” he said.”
Buffett called the policies a “big mistake,” warning that protectionist policies could have negative repercussions for the US.
“I do think that the more prosperous the rest of the world becomes, it won’t be at our expense, the more prosperous we’ll become, and the safer we’ll feel, and your children will feel someday,” Buffett added.
“I don’t think it’s right, and I don’t think it’s wise,” he said. “The United States won. I mean, we have become an incredibly important country, starting from nothing 250 years ago. There’s not been anything like it.”
The comments are his most direct yet on the global trade war sparked by Trump’s imposition of sweeping tariffs at the beginning of April.
Buffett’s comments came after the company reported that its first quarter profits fell by around 14% compared to 2024 to $9.6 billion, while its cash stockpile rose to more than $347 billion.
Buffett’s holding company, Berkshire Hathaway, has surged despite volatile financial markets since Trump’s election last year.
The conglomerate is up more than 20% since Trump won victory on November 5, in spite of the S&P 500 being down almost 2%
Trump’s administration has imposed tariffs of 145% on China, which were countered with retaliatory Chinese levies of 125%.
