At Berkshire Hathaway’s annual shareholder meeting on May 3, 2025, Warren Buffett took the stage in Omaha, Nebraska, with a powerful message about global trade. Speaking to a crowd of nearly 40,000 people, Buffett used his platform to issue a clear warning: the United States should not use trade as a tool to punish or dominate other countries.
“Trade should not be a weapon,” Buffett said. “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.” His message stood in direct contrast to the recent policies of President Trump, who has imposed sweeping tariffs on many imported goods. These tariffs have rattled international markets and revived fears of a full-blown trade war.
A High-Profile Stage for a Serious Message
Buffett, now 94 years old, spoke from the stage of the CHI Health Center in downtown Omaha, flanked by Berkshire executives Greg Abel and Ajit Jain. It was the first meeting since the death of Buffett’s longtime business partner Charlie Munger in 2023. Though many topics were on the agenda—such as Apple, the company’s record cash pile, and Berkshire’s stock sales—it was the question of tariffs and trade that dominated the event.
President Trump’s trade war had been the talk of the markets for weeks, especially after his dramatic “Liberation Day” tariff announcement, which caused the S&P 500 to plunge 12 percent in just four days. Although the index recovered quickly, the message was clear: investors were nervous, and they were looking to Buffett for guidance.
A Warning Against Divisive Policies
Buffett did not hold back. He warned against the dangers of a trade strategy that pits America against the rest of the world.
“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,” he said. He explained that while a balanced trade relationship is ideal, the current method of achieving it through tariffs and economic threats creates resentment, not stability.
Buffett also referenced an idea he proposed in a 2003 article in Fortune magazine. In that article, he suggested a system of import certificates to help balance trade. Exporters would earn these certificates and sell them to importers, creating a built-in incentive to export more. While Buffett admitted the idea might seem odd, he said it was “certainly a lot better than what we’re talking about now.”
“Charlie thought it was a little Rube Goldberg,” Buffett said, referring to the complicated nature of the idea and to Munger’s skepticism. “It’s gimmicky, but it’s certainly a lot better than what we’re talking about now. Look at the attitudes it’s brought out in the United States.”
America’s Role in the Global Economy
Buffett emphasized that a strong America depends on a prosperous world. He argued that it is in the country’s best interest to engage in global trade, not shut others out. “The world will be safer if more countries are prosperous,” he said.
He also made it clear that the American economy has always been shaped by change. “America has been going through revolutionary changes ever since its birth and the promise of equality for all,” Buffett said. “But nothing that is going on today has changed my long-term optimism about the country.”
He added with his trademark humor, “If I were being born today, I would just keep negotiating in the womb until they said, ‘You could be in the United States.’”
The Meeting’s Business Side
The shareholder meeting included the release of Berkshire’s financial results for the first quarter of 2025. Net income fell sharply to $4.6 billion, compared to $12.7 billion a year earlier. Operating earnings, a measure Buffett prefers because it removes fluctuations from investment gains or losses, fell to $9.64 billion from $11.22 billion the previous year.
Despite the decline in earnings, Berkshire’s cash and Treasury holdings rose to a record $333 billion. Buffett explained that the company was a net seller of stocks for the tenth straight quarter, selling $4.7 billion worth and buying just $3.2 billion. When asked if he was holding back on investments to help his successor Greg Abel look better, Buffett replied, “I wouldn’t do anything nearly as noble as to withhold investing myself just so Greg could look good,” drawing laughter from the crowd.
Buffett also noted that good investment opportunities are hard to find right now. “Every now and then you find something,” he said. “It will happen again. I don’t know when it might be.”
The Crowd and the Atmosphere
People lined up outside the arena as early as the day before to make sure they got a seat. Inside, the mood was both festive and respectful. Shareholders wandered through exhibits showcasing products from Berkshire-owned companies, including Justin cowboy boots, Dairy Queen treats, and Geico geckos. A full-size Clayton home was on display, and some fans collected rubber ducks shaped like Buffett and Munger.
Elizabeth Rosen and Bill Craft, retirees from Arkansas, said they decided to attend in person this year after Munger’s death. “They are icons,” Rosen said. “It may never be the same once Warren is gone.”
Some attendees traveled from across the globe. Haibo Liu flew in from China and camped overnight outside the arena. “He has helped me a lot,” Liu said. “I really want to express my thanks to him.”
A Legacy of Optimism and Responsibility
As the meeting came to a close, Buffett’s message remained clear: economic power must be used wisely. While tariffs may provide a short-term advantage, they can lead to long-term damage if they divide the world. His speech was a call for cooperation, not conflict.
Buffett has long avoided diving into political debates, but on the issue of trade, he could not stay silent. His voice carried extra weight this year—not just because of his legacy, but because the world seems to be moving in the opposite direction of what he believes makes America strong.
As he left the stage, the crowd cheered not just for a business legend, but for a man who still believes that prosperity is something to be shared, not hoarded.
FAM Editor: We believe that Warren Buffet and Donald Trump are on the same side of this arguments. Trump isn’t implementing tariffs to take advantage, he is implementing them as a negotiating strategy to make them more fair.
Trump’s predecessors have been so inept in accepting unfair deals that the entire trade system is biased against America.
