Warren Buffett warns against using 'trade as a weapon', slams tariff tactics at Berkshire AGM

Legendary investor Warren Buffett cautioned against weaponizing trade policies, criticizing former President Donald Trump's tariff strategy, as he addressed thousands of Berkshire Hathaway shareholders at the company’s much-anticipated annual meeting on Saturday.
“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 said early in the session, setting the tone for what many consider a closely watched commentary on global economic trends and US policy.
While expressing support for balanced trade, Buffett made clear that he disagrees with the aggressive imposition of tariffs. “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.
Tariffs dominated the pre-submitted questions to Buffett and his top lieutenants — questions delivered via a CNBC journalist moderating the event. But shareholders were just as eager to hear Buffett explain why Berkshire is holding an enormous $347.7 billion in cash reserves, up from $334.2 billion at the end of last year.
Buffett explained that attractive investment opportunities are scarce at the moment. “I just don’t see many attractively priced investments that I understand these days,” he said, though he added optimistically, “One day Berkshire will be bombarded with opportunities that we will be glad we have the cash for.”
Among the tens of thousands of attendees, many had deeply personal reasons for being present. Haibo Liu, who traveled from China, camped outside the arena overnight to ensure a front-row seat. “He has helped me a lot,” Liu told news agency AP. “I really want to express my thanks to him.” Liu noted his concern that this could be Buffett’s final meeting, given the investor’s age of 94.
Each year, roughly 40,000 people descend on Omaha to hear Buffett’s reflections — a crowd that includes major investors, fans, and even political figures. This year, Hillary Rodham Clinton was in attendance. Buffett, who once publicly supported her presidential bid, has since distanced himself from political endorsements to avoid business conflicts.
Linda Smith, a 73-year-old longtime shareholder, traced her connection to Buffett back to a room she rented from his sister Doris while studying in Washington, D.C. “She came back from a meeting and said I had to buy the stock,” Smith recalled. At the time, a single Berkshire Hathaway share cost $3,400 — the same as her annual income — but she began saving after graduation. Today, that same share trades at an eye-watering $809,350.
Smith estimates she has attended around 20 shareholder meetings. “I really like to listen to Warren Buffett — particularly this year with everything that has happened,” she said.
The annual meeting, dubbed “Woodstock for Capitalists,” continues to draw global interest, as shareholders seek Buffett’s wisdom not just on investments, but on America’s place in a rapidly changing world economy.