The Q&amp;A session of the 2025 Berkshire Hathaway Annual Meeting lasted about four and a half hours, with 94-year-old Warren Buffett discussing several hot topics.
Regarding the United States and trade, Buffett did not name Trump but criticized tariffs and trade protectionism, stating
<blockquote>
&#34;Trade should not be a weapon,&#34; and the U.S. should seek trade with other countries, doing what each does best.
&#34;Trade and tariffs can be a form of warfare. I believe it has brought about negative consequences, merely due to the attitudes it has provoked.&#34;
Protectionist policies are a &#34;serious mistake.&#34;
</blockquote>
Buffett warned that the fiscal deficit is unsustainable and the dollar is depreciating, saying
<blockquote>
&#34;The fiscal policy of the U.S. scares me because the way it is formulated and all the motivations are to do many things that could cause trouble with money.&#34;
&#34;Fiscal policy is my biggest concern in the U.S. When the government takes irresponsible actions, the value of the currency can be 'frightening.'&#34;
Someone should address the issue of reducing the deficit, but Congress seems to have taken no action.
</blockquote>
Buffett hinted at fully betting on America and supporting American exceptionalism, stating
<blockquote>
His luckiest day was the day he was born in America, which is a model of capitalism.
</blockquote>
In terms of investment, Buffett remains optimistic about investments in Japan, stating
<blockquote>
He plans to continue holding shares of Japanese trading companies for fifty to sixty years. Even if the Bank of Japan raises interest rates, he does not consider selling.
The recent fluctuations in U.S. stocks are &#34;not significant.&#34; Compared to past crashes, &#34;it's not even a severe bear market,&#34; nor is it a similar situation.
Regarding how to utilize Berkshire's record cash reserves, there may be investment opportunities in the next five years.
Recently, Berkshire almost made a $10 billion investment.
He promised that Berkshire's money would not be used for things the company considers &#34;foolish.&#34;
</blockquote>
Buffett announced that he plans to propose to the board to step down as CEO by the end of this year, saying,
<blockquote>
The head of Berkshire's non-insurance business, Abel, should take over as CEO by the end of the year. He will not sell any of his Berkshire shares, and will gradually donate them
</blockquote>

BRK.A

BRK.B

Buffett said, "Trade should not be a weapon," and trade and tariffs can be a form of warfare; the U.S. fiscal policy scares me, as the value of currency can become "frightening" when the government takes irresponsible actions; the luckiest day was the day I was born in the U.S.; I plan to continue holding shares of Japanese trading companies for fifty or sixty years; the recent fluctuations in U.S. stocks are not significant; there may be investment opportunities in the next five years; I should hand over the CEO position to Abel by the end of the year and will not sell any Berkshire shares

- Warren Buffett addressed various key issues during the four-and-a-half-hour Q&A session at the 2025 Berkshire Hathaway annual meeting.  
- He criticized tariffs and trade protectionism, warning that unsustainable fiscal policies and a depreciating dollar pose significant risks to the U.S. economy.  
- Buffett expressed confidence in long-term investments in Japan and announced plans to propose his resignation as CEO by the end of the year, with Abel expected to succeed him.

The highlights of the 2025 Berkshire Hathaway Shareholders Meeting are here, summarizing the key points from four and a half hours of Q&A in 500 words