At the annual shareholder meeting of Berkshire Hathaway BRK on Saturday, Warren Buffett has voiced his criticism of the present administration’s trade policy, labeling the imposition of punitive tariffs on global trade as a severe mistake.
What Happened: During the session, Buffett expressed his discontent with the current aggressive trade policy, without directly mentioning President Donald Trump.
Addressing the gathering, Buffett said, emphasized, “Trade should not be a weapon,” and cautioned against provoking billions of people worldwide with punitive tariffs.
“Trade should not be a weapon. The United States won. I mean, we have become an incredibly important country, starting from nothing 250 years ago There’s not been anything like it,” Buffett said.
“It’s a big mistake, in my view, when you have seven and a half billion people that don’t like you very well, and you got 300 million that are crowing in some way about how well they’ve done – I don’t think it’s right, and I don’t think it’s wise,” he added.
His remarks were made following the White House’s recent introduction of the highest import levies in decades, which has caused considerable market instability.
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“I do think that the more prosperous the rest of the world becomes, it won’t be at the our expense, the more prosperous we’ll become, and the safer we’ll feel, and your children will feel someday,” Buffett said.
The esteemed investor also underscored the significance of global prosperity, asserting that a prosperous world would not come at the cost of the United States, but rather enhance its safety and prosperity.
In its first-quarter earnings report Berkshire Hathaway noted that tariffs and other geopolitical events have generated “considerable uncertainty” for the conglomerate.
The company also disclosed that it has been operating defensively, selling stocks for 10 consecutive quarters, resulting in a record cash reserve of $347 billion at the end of March.
Why It Matters: Buffett’s comments come at a time when the world is grappling with the economic impacts of the current administration’s hardline trade policy. The policy has been marked by the imposition of high tariffs, leading to significant market volatility and uncertainty.
This has prompted companies like Berkshire Hathaway to adopt a defensive stance, selling stocks and amassing cash reserves. Buffett’s criticism of the policy underscores the potential risks and challenges it poses to global trade and prosperity.
His remarks serve as a reminder of the importance of maintaining a balanced and cooperative approach to global trade, for the benefit of all nations involved.
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