Warren Buffett, CEO of Berkshire Hathaway, has commented on the implementation of trade policies, including bilateral tariffs, that the Trump administration has applied since its inauguration.

During the 2025 annual shareholder meeting, Buffett called out Trump’s policies because of the possible dangers they might pose to national security. While he did not refer to President Trump or his administration directly by name, Buffett explicitly stated that trade “should not be a weapon.”

On this, Buffett stated:

There is no question that trade can be an act of war. It has led to bad things — the attitudes that it has brought out.

Buffett explained that this course of action could spell trouble for the U.S. in a world where several countries possess nuclear capabilities, estimating that a nuclear confrontation could occur.

On the possible consequences of tariffs, Buffett assessed:

With eight countries with nuclear weapons — including a few that I would call quite unstable — I do not think it’s a great idea where a few countries say: ‘Ha-ha we won!’ and other countries are envious.

This is not the first time Buffett has criticized tariffs and their effects on internal prices and inflation. In March, contrary to what some Trump supporters have stated, Buffett explained that tariffs could lead to price raises affecting U.S. customers. “The Tooth Fairy doesn’t pay ‘em!” he declared.

Finally, Buffett called to trade freely with other nations of the world, rejecting protectionist measures again. “In the United States, we should be looking to trade with the rest of the world. And we should do what we do best and they should do what they do best,” he concluded.

Read more: Economist Jim Rickards on Tariffs: The Best Policy in the World

Read more: US Economist Jeffrey Sachs: Trump’s Take on Tariffs Is ‘a Serious Mistake’

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