OMAHA, Nebraska — At the 2025 Berkshire Hathaway Annual Shareholder Meeting, Warren Buffett, the legendary investor and “Oracle of Omaha,” delivered a strong critique of protectionist trade policies, particularly the use of tariffs as an economic weapon. Although Buffett refrained from naming specific individuals, his comments appeared to be directed at former President Donald Trump’s hardline trade policies, which have imposed the highest tariffs on imports in decades.
“Trade should not be a weapon,” Buffett remarked to a crowd of thousands gathered in Omaha. He emphasized that global prosperity benefits everyone, including the United States. “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.”
A Warning Against Protectionism
Buffett warned that tariffs and protectionist policies could have far-reaching negative consequences, likening them to acts of economic warfare. “Trade and tariffs can be an act of war,” he said. “And I think it’s led to bad things, just the attitudes it’s brought out. In the United States, 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.”
These comments come in the wake of a turbulent period for global trade. Last month, the U.S. imposed a staggering 145% tariff on Chinese imports, prompting China to retaliate with levies of 125%. While a temporary 90-day pause on some tariff increases has somewhat stabilized Wall Street, the long-term effects of these policies remain uncertain.
Buffett expressed concern over the potential isolation of the U.S. on the global stage. “It’s a big mistake, in my view, when you have seven and a half billion people that don’t like you very well, and you’ve got 300 million crowing about how well they’ve done,” he said. “I don’t think it’s right, and I don’t think it’s wise.”
Economic Uncertainty and Berkshire’s Defensive Stance
Buffett’s remarks also reflected broader concerns about the state of the global economy. The U.S. recently reported its first-quarter GDP contraction since 2022, signaling potential economic challenges ahead. Berkshire Hathaway, Buffett’s sprawling conglomerate, highlighted in its earnings report that tariffs and geopolitical tensions had created “considerable uncertainty.”
In response to this environment, Buffett has adopted a defensive investment strategy. Berkshire Hathaway has been selling stocks for 10 consecutive quarters, shedding more than $134 billion worth of equities in 2024 alone. Much of this reduction came from two of Berkshire’s largest holdings: Apple and Bank of America. As a result, Berkshire’s cash reserves have swelled to a record $347 billion as of March 2025.
A Call for Cooperation
Buffett’s message was clear: cooperation and open trade benefit all nations. He praised the United States for its remarkable rise from humble beginnings to global prominence in just 250 years. Still, he cautioned against complacency and isolationism. “The United States won,” Buffett said. “We have become an incredibly important country, starting from nothing. But we can’t take that for granted.”
As one of the most respected voices in finance, Buffett’s comments serve as a reminder of the interconnected nature of the global economy. His criticism of tariffs and protectionism underscores the need for policies that prioritize collaboration over conflict, ensuring a prosperous future for all.
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