On Saturday, at Berkshire Hathaway's annual shareholder meeting, investment guru Warren Buffett criticized U.S. President Donald Trump's tough trade policies, although he did not directly name Trump. Buffett stated that imposing tariffs globally is a huge mistake.
In response to a question about trade barriers, Buffett said, &#34;Balanced trade is beneficial for the world, and there are some very strong arguments to be made for that. There is no doubt that trade can become an act of war.&#34;
The first question posed to Buffett during the Q&amp;A session at the shareholder meeting was about import certificates, a proposal he put forward in a 2003 column aimed at reducing the U.S. trade deficit. Buffett stated:
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The design of import certificates is to balance trade. I came up with the idea of these import certificates. There is some gimmicky aspect to it, but I believe it is certainly much better than anything we are discussing now.
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Facing thousands of attendees in Omaha, Nebraska, Buffett said:
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Trade should not be used as a weapon. I do believe that the more prosperous other countries are, without us having to sacrifice, the more prosperous we will be, and we will feel safer, and your descendants will feel safer in the future as well.
Trade and tariffs can be acts of war. I believe it has brought about negative consequences, simply due to the attitudes it has provoked. In the U.S., I mean, we should seek to trade with other countries in the world, we should do what we do best, and they should do what they do best.
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This is Buffett's most direct statement on the issue of tariffs to date. Previously, the U.S. White House announced tariff policies that shocked the world and led to significant volatility in global markets. Trump subsequently announced a 90-day suspension of some tariffs, which somewhat stabilized the market.
Buffett pointed out that protectionist policies could have negative long-term effects on the U.S., especially after the country has become a leading industrial nation globally:
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In my view, this is a huge mistake. You make 7.5 billion people feel negatively towards you, while you have 300 million people somewhat flaunting their achievements. I don't think that's right, and I don't think it's wise.
We have grown from having nothing 250 years ago to becoming an extremely important country, which is unprecedented in history.
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Buffett's remarks received applause from the audience.
Although Buffett stated last year that he would not support any political candidates, this did not prevent him from making comments, such as referring to tariffs as &#34;acts of war&#34; in March.
In the financial report released by Berkshire on the same day, the company stated that tariffs and other geopolitical events have brought &#34;considerable uncertainty&#34; to the company. The company indicated that it is currently unable to predict any impacts that tariffs may bring, warning in a statement that tariffs could negatively affect its vast business portfolio:
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We are currently unable to accurately predict the potential impact of tariffs on our business, whether through changes in product costs, supply chain costs and efficiencies, or customer demand for our products and services. Most (if not all) of our operating businesses could be adversely affected, as well as our stock investment portfolio
Berkshire's performance has attracted significant attention, as the group encompasses numerous sectors including insurance, railroads, energy, and manufacturing, reflecting the health of the U.S. economy. Analysts expect that tariffs will lead to increased repair costs for Geico, the auto insurance company under Buffett.
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Berkshire has maintained a defensive posture for quite some time, having sold stocks for 10 consecutive quarters. In 2024, Berkshire sold over $134 billion in stocks, primarily reducing its two major holdings—Apple and Bank of America. This has increased Berkshire's cash reserves to a record $347 billion by the end of March

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Warren Buffett criticized U.S. President Donald Trump's tough trade policies, stating that the prosperity of other countries in the world should not come at the expense of the United States. The U.S. should seek to trade with other countries. "We should do what we do best, and they should do what they do best." On the same day, Berkshire Hathaway warned that tariffs could have a negative impact on its vast business portfolio

- At Berkshire Hathaway's annual shareholder meeting, Warren Buffett criticized the U.S. government's trade policies, calling global tariffs a significant mistake.  
- He emphasized that balanced trade benefits the world and warned that protectionist policies could have long-term negative effects on the U.S. economy.  
- Buffett's remarks coincided with Berkshire's financial report, which noted that tariffs and geopolitical events create considerable uncertainty for the company’s diverse operations.

Buffett issues his most direct statement on tariffs to date: a huge mistake! Trade should not be a weapon