Warren Buffett stunned shareholders Saturday by announcing plans to retire as CEO of Berkshire Hathaway at the end of the year, recommending Vice Chairman Greg Abel as his successor. The surprise news was delivered during the company’s annual meeting in Omaha.
The 94-year-old investing legend also used the event to issue a stark warning about President Trump’s sweeping tariff policies. “Trade should not be a weapon,” Buffett said, cautioning that Trump’s actions have escalated global tensions. “It’s a big mistake… when you have 7.5 billion people who don’t like you very well.”
While Buffett acknowledged trade imbalances, he rejected aggressive tariff strategies, advocating instead for global prosperity through mutual cooperation. Still, he maintained his optimism about America’s long-term future and said Berkshire’s $347.7 billion cash reserve would eventually find strong investment opportunities.
Buffett downplayed recent market volatility caused by the tariffs, citing past downturns as far more severe. “This is really nothing,” he said, referencing historic market crashes and reaffirming his confidence in the U.S. economy.
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