Warren Buffett, a 1930-born chairman of Berkshire Hathaway who achieved wealth through investment, expressed a negative view on President Donald Trump’s tariff policy, stating that it is a significant mistake to utilize tariffs to wage a trade war.
Buffett, during the Berkshire annual shareholders meeting held in Omaha, Nebraska, on April 3 (local time), was asked about tariffs and stated, "Trade should not become a weapon," adding, "The United States is already a winning country. There has never been a case of a country starting from nothing 250 years ago to becoming as important as it is now."
He noted, "The more prosperous other countries are, the less harm we suffer; rather, we will prosper together with them," and emphasized, "We should aim to trade with the whole world, doing what we do best while other countries do what they do best."
This is interpreted to mean that countries, including the United States, should focus on producing and exporting products in which they have a comparative advantage, while importing products that have relative competitiveness from other countries. It opposes President Trump’s policy of imposing tariffs to force corporations to produce all products sold in the United States domestically.
Every May, investors flock to Berkshire's annual meeting to hear Buffett's investment philosophy and thoughts, often referred to as the 'Oracle of Omaha.'
This year, interest in Buffett's views was heightened due to economic uncertainties caused by President Trump’s tariff policy, with a record attendance of 19,700 people at the event the day before the meeting.
Berkshire recorded an operating profit of $9.6 billion (about 13.4 trillion won), a decrease of 14% compared to the same period last year in the first quarter. Deteriorating performance in the main investment sector, insurance, and foreign exchange conversion losses were the causes. Berkshire's cash assets increased from $334.2 billion at the end of last year to $347.7 billion (about 487 trillion won) at the end of the first quarter this year.
Berkshire stated in its performance report that changes in international trade policy and tariffs could negatively impact the company's operating profit and the value of its investment assets, noting that it currently cannot reliably predict how such changes will affect the financial statements.