Warren Buffett knocks tariffs and protectionism: 'Trade should not be a weapon'

OMAHA, Nebraska — Warren Buffett connected Saturday criticized President Donald Trump's hardline commercialized policy, without naming him directly, saying it's a large mistake to slap punitive tariffs connected the remainder of the world.

"Trade should not beryllium a weapon," Buffett said astatine Berkshire Hathaway's yearly shareholder meeting. "The United States won. I mean, we person go an incredibly important country, starting from thing 250 years agone There's not been thing similar it."

"It's a large mistake, successful my view, erstwhile you person 7 and a fractional cardinal radical that don't similar you precise well, and you got 300 cardinal that are crowing successful immoderate mode astir however good they've done - I don't deliberation it's right, and I don't deliberation it's wise," helium added.

Buffett's comments, his astir nonstop yet connected tariffs, came aft the White House's rollout of the highest levies connected imports successful generations shocked the satellite past month, triggering utmost volatility connected Wall Street. The president besides announced a abrupt 90-day intermission connected overmuch of the increase, but for China, arsenic the White House sought to marque deals with countries.

"I bash deliberation that the much prosperous the remainder of the satellite becomes, it won't beryllium astatine the our expense, the much prosperous we'll become, and the safer we'll feel, and your children volition consciousness someday," Buffett said.

Investors had been waiting to perceive from the 94-year-old "Oracle of Omaha" for his guidance to navigate the uncertain macroenvironment arsenic good arsenic his appraisal connected the authorities of the economy. The trillion-dollar Berkshire's immense array of insurance, transportation, energy, retail and different businesses, from Geico to Burlington Northern to Dairy Queen, permission Buffett uniquely qualified to remark connected the existent wellness of the American economy. The first-quarter GDP was conscionable reported to person contracted for the archetypal clip since 2022.

Berkshire said successful its first-quarter net report that tariffs and different geopolitical events created important risks for the conglomerate. The steadfast said it's not capable to foretell immoderate imaginable interaction from tariffs astatine this time.

This is breaking news. Please cheque backmost for updates.