Warren Buffett criticizes Trump’s tariffs
Warren Buffett has voiced his criticism of US President Donald Trump’s trade policy, contending that the increasing use of tariffs by the White House effectively turns trade into “an act of war.” During Berkshire Hathaway’s annual shareholder...
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Warren Buffett has voiced his criticism of US President Donald Trump’s trade policy, contending that the increasing use of tariffs by the White House effectively turns trade into “an act of war.”
During Berkshire Hathaway’s annual shareholder meeting on Saturday, the billionaire investor argued that utilizing tariffs as a weapon is misguided, emphasizing that balanced trade is crucial for global prosperity and peace.
Since resuming his presidency in January, Trump has implemented extensive tariffs, including the significant 'Liberation Day' tariffs introduced on April 2, which affect over 90 US trading partners. While most tariffs were delayed for 90 days, a foundational 10% remains enforced. Notably, China was not included in the delay and faced a staggering 145% tariff on all imports, prompting Beijing to respond with 125% tariffs and new export controls on American products.
Though Buffett did not directly mention Trump, he cautioned that America’s trade policies could lead to international isolation.
“I don’t think it’s a good idea to design a world where a few countries say, ha ha ha, we’ve won. And other countries are envious,” Buffett stated. “It’s a big mistake in my view when you have 7.5 billion people who don’t like you very well, and you have 300 million who are crowing about how they have done.”
Buffett called for a shift in direction, advocating for a US policy that prioritizes mutual prosperity.
”I do think that the more prosperous the rest of the world becomes... the more prosperous we’ll become and the safer we’ll feel… We should be looking to trade with the rest of the world,” he said.
”Trade can be an act of war [but] balanced trade is good for the world. The more balanced trade there is, the better… The main thing to do is not use trade as a weapon,” he added.
The ongoing tariff tensions between the US and China have unsettled markets and led the IMF to lower its global growth forecast for 2025 from 3.3% to 2.8%. Analysts have warned that the comprehensive implementation of Trump's tariff strategies could destabilize global trade and potentially induce a US recession.
In addition to his commentary on trade, Buffett, who will turn 95 in August, surprised shareholders by announcing his plans to retire by the end of the year. He indicated that he would recommend Vice Chairman Greg Abel, seen as his successor, to lead Berkshire Hathaway. Abel currently manages the company’s non-insurance operations.
Debra A Smith for TROIB News
During Berkshire Hathaway’s annual shareholder meeting on Saturday, the billionaire investor argued that utilizing tariffs as a weapon is misguided, emphasizing that balanced trade is crucial for global prosperity and peace.
Since resuming his presidency in January, Trump has implemented extensive tariffs, including the significant 'Liberation Day' tariffs introduced on April 2, which affect over 90 US trading partners. While most tariffs were delayed for 90 days, a foundational 10% remains enforced. Notably, China was not included in the delay and faced a staggering 145% tariff on all imports, prompting Beijing to respond with 125% tariffs and new export controls on American products.
Though Buffett did not directly mention Trump, he cautioned that America’s trade policies could lead to international isolation.
“I don’t think it’s a good idea to design a world where a few countries say, ha ha ha, we’ve won. And other countries are envious,” Buffett stated. “It’s a big mistake in my view when you have 7.5 billion people who don’t like you very well, and you have 300 million who are crowing about how they have done.”
Buffett called for a shift in direction, advocating for a US policy that prioritizes mutual prosperity.
”I do think that the more prosperous the rest of the world becomes... the more prosperous we’ll become and the safer we’ll feel… We should be looking to trade with the rest of the world,” he said.
”Trade can be an act of war [but] balanced trade is good for the world. The more balanced trade there is, the better… The main thing to do is not use trade as a weapon,” he added.
The ongoing tariff tensions between the US and China have unsettled markets and led the IMF to lower its global growth forecast for 2025 from 3.3% to 2.8%. Analysts have warned that the comprehensive implementation of Trump's tariff strategies could destabilize global trade and potentially induce a US recession.
In addition to his commentary on trade, Buffett, who will turn 95 in August, surprised shareholders by announcing his plans to retire by the end of the year. He indicated that he would recommend Vice Chairman Greg Abel, seen as his successor, to lead Berkshire Hathaway. Abel currently manages the company’s non-insurance operations.
Debra A Smith for TROIB News
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