Warren Buffett has expressed strong opposition to the ongoing global trade conflicts, emphasizing that trade should not be utilized as a “weapon.” As reported on Yahoo Finance, Buffett voiced his concerns during Berkshire Hathaway’s annual meeting in Omaha, Nebraska. His remarks, though not directly naming former President Donald Trump, clearly criticized the imposition of tariffs.

Read also: U.S. Tariffs Could Break Up Shipping Alliances and Disrupt Global Trade

Buffett described the protectionist trade policies as a “big mistake,” highlighting potential adverse effects on the U.S. economy. He stressed the importance of global prosperity, stating, “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.”

These comments follow Berkshire Hathaway’s report of a 14% decline in first-quarter profits to $9.6 billion compared to the previous year, despite the company’s cash reserves growing to over $347 billion. Notably, Berkshire Hathaway has experienced a significant surge of over 20% since Trump’s election, even as the S&P 500 index has seen a decline of nearly 2%.

Amid the trade tensions, the Trump administration imposed tariffs of 145% on China, which prompted retaliatory measures from China with levies of 125%. The ongoing trade disputes continue to impact global markets and economic strategies.

Source: IndexBox Market Intelligence Platform