Warren Buffett, the 94-year-old chairman of Berkshire Hathaway, opened the conglomerate’s 60th annual shareholders meeting with a forceful critique of President Donald Trump’s tariff policies, warning that weaponizing trade risks global backlash and economic turmoil.
Speaking to 40,000 attendees at the CHI Health Center, Buffett declared, “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.”
As economists echo his fears of a tariff-driven U.S. and global recession, Buffett revealed Berkshire’s $347.7 billion cash reserve, citing scarce investment opportunities amid market volatility. The meeting, a magnet for investors worldwide, also intensified focus on Buffett’s succession as he nears 100, with shareholders grappling with the future of a $1 trillion empire without its legendary leader.
Register for Tekedia Mini-MBA edition 19 (Feb 9 – May 2, 2026): big discounts for early bird.
Tekedia AI in Business Masterclass opens registrations.
Join Tekedia Capital Syndicate and co-invest in great global startups.
Register for Tekedia AI Lab: From Technical Design to Deployment (next edition begins Jan 24 2026).
Addressing the top shareholder concern, Buffett denounced Trump’s tariffs, including a 10% universal import duty imposed on April 2 and 145% levies on Chinese goods by April 9, which have unsettled global markets.
“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 urged, advocating for cooperative trade rooted in comparative advantages.
He warned that antagonizing other nations undermines global stability.
“The world will be safer if more countries are prosperous,” he said.
While acknowledging the goal of balanced trade, Buffett criticized the execution, noting widespread tariffs are not the solution. His remarks, aired live by CNBC, responded to questions curated by reporter Becky Quick, reflecting investor anxiety over trade disruptions impacting Berkshire’s businesses, from BNSF railroad to Shaw Industries.
Economists Amplify Recession Concerns
Buffett’s warnings resonate with economists sounding alarms over the tariff war’s economic toll. The levies, effectively a tax on importers, have spiked consumer prices—apparel by 17%, vehicles by 8.4%, food by nearly 3%—slashing household purchasing power by $2,100 annually, per JPMorgan estimates. Inflation is forecast to reach 4% by summer, with core PCE potentially hitting 4.7%, threatening the 70% of U.S. GDP driven by consumer spending.
The S&P 500 shed $6 trillion in early April, including a 4.8% drop on April 3, reflecting market jitters. Goldman Sachs pegs recession odds at 45%, Reuters at nearly 50% within a year, with global growth projected at a mere 1.4% for Q4 2025, the weakest since 2008 outside the pandemic, per the World Bank.
Globally, the tariffs are dragging economies like Japan, South Korea, and Canada toward recession, with China’s GDP growth expected to slip to 4.4%. China’s retaliatory 84% tariffs on U.S. goods and restrictions on rare earth exports have escalated tensions, while allied nations face duties like 24% on Japan. Brookings Institution analysts estimate a $400 billion annual hit to U.S. economic output, with Moody’s Analytics warning of stagflation—high inflation paired with sluggish growth—as unemployment could climb to 4.5%.
The Federal Reserve, projecting -2.4% GDP growth for Q1 2025, may hold rates at 4.25–4.50%, compounding pressures. These risks amplify Buffett’s call for trade collaboration, aligning with academic and economic consensus on the dangers of protectionism.
Berkshire’s Cash Fortress and Investment Pause
Buffett disclosed that Berkshire Hathaway holds $347.7 billion in cash, a record sum fueled by $158 billion in stock sales over two years, including trimmed stakes in Apple, and robust cash flows from subsidiaries.
“I just don’t see many attractively priced investments that I understand these days, but I predict that one day Berkshire will be ‘bombarded with opportunities that we will be glad we have the cash for,’” he told attendees, per Morningstar.
The stockpile reflects Buffett’s disciplined value investing ethos, wary of overpaying in a market warped by tariff uncertainty and elevated valuations. Shareholders, questioned by Quick alongside vice chairmen Greg Abel and Ajit Jain, pressed for insights on deploying this capital, particularly for Berkshire’s trade-sensitive businesses like retail and logistics.
The Succession Question
The meeting, Buffett’s 60th leading Berkshire, sharpened focus on succession as he approaches his centennial. At 94, Buffett remains sharp, engaging the crowd with humor despite using a cane and shortening the Q&A by two hours.
“I enjoy figuring out where to invest Berkshire’s money too much,” he has long insisted, signaling no retirement plans unless incapacitated, as noted by CNBC. Greg Abel, 62, was named Buffett’s CEO successor, and Ajit Jain, 73, overseeing insurance, taking prominent roles.
Shareholders expressed confidence in Abel’s operational acumen and Jain’s insurance expertise but acknowledged Buffett’s irreplaceable presence. Haibo Liu, a Chinese investor at his second meeting, camped overnight to honor Buffett,
“He has helped me a lot. I really want to express my thanks to him,” he said, fearing this could be his final appearance.
Linda Smith, 73, attending her 20th meeting, predicted resilience, saying, “I think even if he dies, these businesses will retain their value,” but foresaw a temporary stock dip. “Good businesses and good people will come back,” she added, eyeing the exhibit hall’s displays of Geico, Pilot truck stops, and Duracell.
Despite tariff concerns, Buffett reiterated his confidence in America’s future.
“America has been going through revolutionary changes ever since its birth and the promise of equality for all, which wasn’t fulfilled until years later,” he reflected, adding, “Nothing that is going on today has changed my long-term optimism about the country.”
His quip, “If I were being born today, I would just keep negotiating in the womb until they said, ‘You could be in the United States,’” drew laughter, encapsulating his belief in the nation’s resilience.