US Investor Warren Buffett issued a major advise to Donald Trump amidst concerns around his tariffs, asserting that the US should not use “trade as a weapon”.
In a speech to Berkshire Hathaway shareholders on Saturday, Buffet blasted the US President, calling his move a “big mistake”.
“It’s a big mistake in my view when you have 7.5 billion people who don’t like you very well, and you have 300 million who are crowing about how they have done,” Buffett, 94, stated during shareholders meeting, CNBC reported.
Warren Buffet offers trade advice to Trump
Moving further, Buffett asserted that it is ideal for trade to be balanced between nations, but he believes that Trump is not approaching the issue appropriately with his extensive tariffs. He claimed that the globe will be a safer place if more nations become wealthy and prosperous.
“We should be looking to trade with the rest of the world. We should do what we do best and they should do what they do best,” he said while giving advice to Trump.
During the Berkshire’s annual meeting, Buffett, one of the wealthiest individuals in the world, was describing the position of the United States in the world,
Buffett, who has previously expressed doubt about trade deficits, has also been a vocal opponent of Trump’s tariffs and other trade restrictions.
“There’s no question that trade, trade can be an act of war. I think it’s led to bad things. The attitudes it’s brought out in the United States, I mean we should be looking to trade with the rest of the world and we should do what we do best and they should do what they do best,” Buffett asserted.
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‘If I were being born today…’; Warren Buffet comments on US situation
According to Buffett, America has undergone revolutionary transformations since its founding, including its commitment of equality for all, which wasn’t realized for years.
“If I were being born today, I would just keep negotiating in the womb until they said, ‘You could be in the United States,’” he said.
Buffett was unfazed when asked directly about Trump’s protectionist views, saying, “In a country with nuclear weapons, and some of them unstable, I don’t think it’s a great idea for some countries to say ‘we won’ and others feeling envious.”
Regarding investing, Buffett reaffirmed his belief that passive investors are not suitable for active investing, which is opportunistic by nature. He noticed the ongoing volatility of the market environment.
