Warren Buffett used his annual address to Berkshire Hathaway shareholders Saturday to warn against the use of tariffs as a tool of U.S. foreign policy, calling President Donald Trump’s trade tactics “a big mistake,” according to the Associated Press.
“It’s a big mistake,” said Buffet, 94, speaking to tens of thousands gathered in Omaha. “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.”
While acknowledging the need for balanced trade, he emphasized the benefits of global prosperity: “We should be looking to trade with the rest of the world. We should do what we do best and they should do what they do best.”
Tariffs dominated the pre-submitted questions Buffett fielded alongside vice chairmen Greg Abel and Ajit Jain, in a meeting broadcast live by CNBC. But shareholders were also eager for insight into the firm’s $347.7 billion cash reserves. Buffett said he’s waiting for investments “we understand” and expects future opportunities to justify the current stockpile.
The event, often dubbed “Woodstock for Capitalists,” drew a crowd of 40,000 including celebrities and longtime loyalists.
Buffett, who’s led Berkshire for six decades, shortened the Q&A session but showed no intention of stepping down. He also maintained he is optimistic about the future of America. “If I were being born today, I would just keep negotiating in the womb until they said, ‘You could be in the United States,’” he quipped.
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