Berkshire Hathaway Chairman and CEO Warren Buffett used his annual meeting on Saturday to deliver a wide-ranging critique of current U.S. trade policy and tariffs, while offering cautious insights on investment opportunities, real estate, and artificial intelligence.
Buffett’s comments come amid rising market volatility triggered by President Donald Trump’s sweeping tariffs on Chinese goods and the expiration of key trade loopholes.
Buffett on Trade and Tariffs
Buffett strongly opposed the use of tariffs as a foreign policy tool and warned of their long-term consequences for the U.S. economy.
“Trade should not be a weapon,” he said, drawing applause from the crowd.
“I do think that the more prosperous the rest of the world becomes, it won’t be at our expense, the more prosperous we’ll become, and the safer we’ll feel, and your children will feel someday.”
Without naming Trump, Buffett criticized what he sees as America’s combative posture in global trade:
“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:
“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 also reiterated an idea he first proposed in a 2003 op-ed — import certificates to balance U.S. trade — calling it “gimmicky, but better than what we’re talking about now.”
“There’s no question that trade can be an act of war, and I think it’s led to bad things,” Buffett concluded.
On Investment Strategy and Market Conditions
Buffett emphasized that Berkshire is maintaining a cautious posture, sitting on record levels of cash while looking for opportunistic buys.
“We have made a lot of money by not being fully invested at times,” he said.
“Great deals are very unlikely to happen tomorrow but not in five years.”
“Berkshire is very, very, very opportunistic.”
He also revealed the firm recently came close to spending $10 billion on an undisclosed opportunity.
On Real Estate vs. Stocks
Buffett responded to a question from a Chinese shareholder in Toronto about real estate investment:
“In respect to real estate, it’s so much harder than stocks in terms of negotiation of deals, time spent, the involvement of multiple parties.”
“Stocks are more attractive than real estate.”
On Artificial Intelligence
When asked about the future of AI, Buffett passed the question to Vice Chairman Ajit Jain, who said Berkshire has not found meaningful opportunity in the sector yet.
Buffett added humorously:
“I wouldn’t trade everything that’s developed in AI over the next 10 years for Ajit.”
On Aging and Investing
In a lighter moment, Buffett likened the odds of finding a great business over time to the probability of dying as one ages:
“If you’re 10 years old, the chances you’re going to die the next day are low. You get to be 115 or something, it’s almost a cinch, particularly if you’re a male.”
“All the records are held by females in terms of age. And I tried to get Charlie to have a sex change so he could test it out,” he joked, referring to the late Vice Chairman Charlie Munger.
“He did pretty well for being a male, I’ll put it that way.”
Economic Outlook and Berkshire’s Position
Buffett’s remarks follow a turbulent quarter for the U.S. economy. First-quarter GDP contracted for the first time since 2022, and the White House’s 145% tariffs on Chinese imports triggered retaliation from Beijing.
Berkshire Hathaway reported a drop in Q1 earnings due to insurance losses but noted its cash pile rose to a record $347 billion as it continued to sell off equities, including major stakes in Apple and Bank of America.
The company warned of “considerable uncertainty” tied to tariffs and geopolitical shifts, saying it was not yet possible to predict their full impact.
Buffett, now 94, remains a closely watched voice in global markets. His comments offered both reassurance and realism for investors navigating what he called a “winner-take-all” global environment — one he believes the U.S. must approach with more humility and cooperation.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
Related:
Trump downplays recession fears, saying the US would be ‘OK’ in the long term
China quietly exempts tariffs on $40 billion worth of US goods
Temu halts shipping direct from China as de minimis tariff loophole is cut off
US lawmakers urge SEC to delist Alibaba and Chinese companies
China Weighs Fentanyl Offer to US to Start Trade Talks
Nvidia is working on China-tailored chips again after US export ban
Trump Eases Auto Tariffs to Avoid Industry Meltdown
Trump Administration Lays Out Roadmap to Streamline Tariff Talks
Trump Pushes Plan to Replace Income Taxes with Tariffs: “A Bonanza for America!”
California Overtakes Japan to Become Fourth Largest Economy in World
