Warren Buffett criticizes Trump's trade policy

Warren E. Buffett achieved the efforts of President Trump to use the Global Commerce on Saturday, since its 1.1 -billion dollar conglomerate Berkshire Hathaway was distributed to potential hits of American trade policy.

“The trade should not be a weapon,” said Buffett at the annual shareholder meeting of Berkshire, a constantly popular event that has the nickname of Woodstock of Capitalism. “I don't think it's right and I don't think it's wise.”

Mr. Buffett's comments were long awaited by Berkshires shareholders, from whom tens of thousands flocked to the company's hometown in Omaha to hear directly from the investor – especially with regard to Mr. Trump's trade policy. His comments on Saturday ended the months in which Mr. Buffett maintained a largely low public profile.

Mr. Buffett's comments were particularly noteworthy when the 94-year-old billionaire admitted that he had previously suggested an idea to remedy the imbalance of combating trade. But on Saturday the Berkshire boss defended the wider concept of global trade flows: “We should do what we can do best and you should do what you can do best,” he said and pulled applause.

Fears about the consequences of the tariffs have built the markets and affected the huge parts of American companies. This includes Berkshire, who reported a strong decline in income in the first quarter on Saturday.

The company reported the operating result of 9.6 billion US dollars, the preferred measure by Mr. Buffett by 14 percent compared to the same time a year ago. Using generally recognized accounting principles, Berkshire recorded a decline in net profit by almost 64 percent, especially due to paper investment losses.