Omaha, Nebraska — Warren Buffett expressed his concerns over tariffs during Berkshire Hathaway’s annual shareholders meeting, labeling the trade wars as a “big mistake.” Addressing a packed audience at the CHI Health Center, Buffett argued that trade should not be treated as a weapon, noting that it can escalate international tensions.
Buffett reflected positively on America’s economic history, proudly stating, “The United States has grown to be an incredibly significant country in just 250 years.” He emphasized that nations should focus on their strengths, urging a collaborative rather than confrontational approach to global trade.
The billionaire investor made these remarks as Berkshire Hathaway released its quarterly earnings report. The report revealed a 14% decline in operating earnings for the first quarter, highlighting the financial strain that shifting international trade policies and tariffs may impose on the company’s growth. Buffett’s optimism was tempered, however, as he acknowledged uncertainty regarding how these economic factors might affect Berkshire’s investments and operations.
With Berkshire holding approximately $347 billion in cash reserves, Buffett addressed inquiries about future investments. He stressed the importance of patience in investment strategies, stating it would be “very unlikely” for the company to make significant investments immediately. Buffett encouraged a thoughtful, measured approach, warning against the folly of making impulsive investment decisions simply to utilize available cash.
The event, attracting high-profile attendees such as Apple CEO Tim Cook and former presidential candidate Hillary Clinton, provided Buffett an opportunity to commend Cook’s leadership at Apple, crediting him for generating substantial returns for Berkshire shareholders. Despite a recent reduction in Berkshire’s stake in Apple, Buffett praised the company’s remarkable evolution under Cook.
Discussing market fluctuations, Buffett downplayed recent volatility, assuring investors that the changes seen in the last several weeks were not indicative of a severe downturn. He described the market’s movements as relatively minor, emphasizing the resilience of the economic landscape.
Buffett’s long-standing tenure at Berkshire, which he helped shape since 1965, remains a focal point of interest. As the 94-year-old investor approaches a transition in leadership, discussions about succession plans are anticipated to intensify in coming years.
As the meeting concluded, shareholders left with mixed feelings about the prospective impacts of tariffs and economic policies. Buffett’s insights offered a blend of reassurance and realism, reminding the audience that navigating the complexities of the global economy requires vigilance and strategic foresight.