Warren Buffett defended free trade on Saturday, saying tariffs should not be a “weapon” and that the United States would benefit from other countries sharing its prosperity. The billionaire investor made his comments at Berkshire Hathaway’s annual meeting in Omaha, Nebraska, amid concerns over President Donald Trump’s tariff policies.
Buffett, 94, who has run Berkshire for 60 years, said balanced trade is good for the world and that it should not be used as a means of dominance. He also warned against federal budget deficits, saying they are “unsustainable” and must be addressed.
Despite market volatility in recent months, Buffett maintained his long-term optimism for the country, urging investors to remain patient and consider their investment approach if sudden market declines leave them unsettled. The company’s cash stake grew to a record $347.7 billion in the first quarter, with insurance businesses including Geico having a strong year.
Berkshire’s vice chairmen, Greg Abel and Ajit Jain, also fielded questions from shareholders, with both backing Buffett’s philosophy on building up cash and spending it wisely on businesses that fit Berkshire’s culture.
Source: https://www.usnews.com/news/top-news/articles/2025-05-03/buffett-defends-trade-amid-tariff-pressures-as-berkshire-cash-sets-record