Warren Buffett criticized the Trump administration's tariff policy at the Berkshire Hathaway shareholders meeting in Omaha.

In early May 2025, Warren Buffett criticized the trade policies of former U.S. President Donald Trump at the Berkshire Hathaway annual shareholders meeting in Omaha, Nebraska, accusing him of weaponizing trade, thereby harming global market stability and international relations. Buffett emphasized that trade should foster prosperity and peace, rather than conflict. He warned that tariff policies could have long-term detrimental effects on U.S. interests and reiterated his long-term confidence in the global economy.

Buffett's Stance: Trade Should Not Be a Weapon

In front of tens of thousands of shareholders from around the world, 94-year-old Buffett expressed a clear opposition to the Trump administration's tariff policies in his usual calm and firm tone. He pointed out: "Trade should not be a weapon. It's a big mistake when you make 7.5 billion people dislike you, and only 300 million people proudly claim victory. That's not a wise strategy."

Buffett further noted that tariffs are essentially a "tax on goods" and can even be seen as a "form of warfare." In an interview with CBS News, he stated: "Tariffs are a form of tax and a form of warfare. Such policies will lead to bad things happening."

Global Impact and Market Reaction

Since 2018, the Trump administration has imposed high tariffs on China and other trading partners, claiming that the move aims to correct trade imbalances and protect American manufacturing. However, Buffett believes that these unilateral actions have angered the international community and undermined the stability of the global economy.

"We should trade with the rest of the world. We should do what we do best, and they should do what they do best," Buffett reiterated at the shareholders' meeting. He emphasized that the more countries that prosper, the safer the United States becomes, and future generations will benefit as a result.

Although Trump's tariff policies have provided short-term protection for certain industries, Buffett pointed out that such protectionism could harm the interests of American consumers and businesses in the long run. He warned: "Protectionist policies could ultimately hurt ourselves, especially when we are already the most powerful industrial nation in the world."

Buffett's Economic Views and Investment Strategy

Despite expressing dissatisfaction with the policies, Buffett maintains his usual long-term optimism. He stated that although the market has experienced fluctuations due to tariff policies, these fluctuations "are insignificant." He recalled witnessing Berkshire's stock price being cut in half three times during his 60-year investment career and cited the Dow Jones Industrial Average dropping from 240 points to 41 points during the Great Depression of the 1930s as an example, illustrating that current market volatility is not uncommon.

Currently, Berkshire Hathaway holds a cash reserve of up to $347.7 billion. Buffett explained that this is because he does not see enough attractive investment opportunities in the current market, but he expects a large number of opportunities to emerge in the future. "We will be glad we have this cash," he said.

Long-standing Criticism and Context

Buffett's criticism of Trump's tariff policies is not new. As early as 2018 and 2019, he warned in letters to shareholders that trade conflicts could have negative impacts on the global economy and the United States. In April 2019, Trump once again introduced so-called "Liberation Day Tariffs," imposing tariffs ranging from 10% to 245% on all imported goods, sparking a new wave of market turmoil. Buffett noted in Berkshire's first-quarter financial report that these geopolitical events and tariff policies have brought "considerable uncertainty" to the company.

Nevertheless, Buffett still chooses to seek opportunities in international markets. In March of this year, he increased Berkshire's stake in five major Japanese trading companies to nearly 10%, indicating that his long-term confidence in the global economy remains unchanged.

Shareholder and Investor Reactions

Buffett's remarks resonated widely at the meeting. Haibo Liu, a shareholder from China, even spent the night outside the venue to secure a front-row seat. He said, "He has helped me a lot, and I really want to thank him in person."

Another shareholder, Linda Smith, said, "I especially like listening to Buffett, especially with so much happening this year." She recalled that she started following Berkshire during her graduate studies and began investing in the company's stock after graduation.

References

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• Warren Buffett issues warning on Donald Trump tariffs—'Act of war'
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