Buffett Condemns Trump Tariffs: "Trade Shouldn't Be Weaponized"

# Buffett Highlights Tariff Risks, Advocates for Global Prosperity at Berkshire Hathaway Annual Meeting **Berkshire’s Cash Reserves Climb to $347.7 Billion Amid Trade Policy Uncertainty** **Washington—Yonhap News**: At Berkshire Hathaway's annual shareholder meeting on May 3 in Omaha, Nebraska, Chairman Warren Buffett voiced concerns about President Donald Trump's tariff policies, stressing the significance of global trade and shared prosperity. Addressing a question about tariffs, Buffett remarked, “Trade shouldn’t become a weapon. The more other countries prosper, the more we will prosper alongside them. It’s not a zero-sum game.” Buffett emphasized the need for international trade cooperation, suggesting, “We should focus on doing what we are best at while allowing other nations to do what they excel in.” This aligns with the principle of comparative advantage, where nations benefit by focusing on producing goods they are most efficient at and importing those where other countries have a competitive edge. Buffett’s comments subtly criticized Trump’s tariff-driven policies, which push companies to manufacture domestically rather than depending on global supply chains. The annual meeting, famed for drawing thousands of investors eager for insights from the “Oracle of Omaha,” saw heightened interest this year given the economic uncertainty caused by Trump’s tariffs. A record 19,700 individuals attended pre-meeting events, highlighting the growing interest in Buffett’s viewpoints. # Berkshire Reports Mixed Results Amid Market Volatility Berkshire Hathaway reported operating profits of $9.6 billion for the first quarter of 2023, a 14% decrease from $11.2 billion in the same period last year, mainly due to weaker performance in its insurance sector and foreign exchange losses in its investment portfolio. Despite these hurdles, Berkshire’s cash and cash-equivalent holdings increased to $347.7 billion by the end of the first quarter, up from $334.2 billion at the end of 2022, indicating strong financial liquidity amid uncertain market conditions. In its earnings report, Berkshire cautioned that changes in international trade policies and tariffs could adversely impact both operating profits and the value of its investment assets, stating that the exact influence of such policy changes on its financial outcomes remains “unpredictable at this time.”