During the annual shareholder meeting of Berkshire Hathaway held in Omaha, Warren Buffett took a very strong stand on international trade. Addressing a packed audience on May 3, the 94-year-old investing legend again rebuked trade tariffs and warned about the long-term dangers of employing trade as a political weapon clear reference to President Donald Trump’s talk of world tariffs. Hence, the famous investor continued on an anti-tariff rant
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Buffett slams tariffs: “The tooth fairy doesn’t pay them.”
During Saturday’s morning Q&A session, Buffett was asked how he viewed trade and tariffs. He did not beat around the bush. “There’s no question that trade can be an act of war,” 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.” Buffett reminded the audience about things he had said in an interview on CBS News in March 2025, describing tariffs as a form of taxation. “Over time, they are a tax on goods,” he said. “The Tooth Fairy doesn’t pay them!”
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Revisiting an old proposal: Import certificates
Buffett also mentioned a long-standing idea he proposed in 2003 — the concept of “import certificates.” Under the scheme, importers will pay certificates to exporters for goods sold abroad. According to Buffett, that may be one way to attack the problem of trade deficits without free-for-all tariff battles. His comments stressed that balanced trade benefits all. “We want a prosperous world,” he said. He warned that the hostility between countries, especially those with nuclear weapons, could get out of hand if trade policies become too aggressive or punitive.
The U.S. has already “Won,” Buffett says
In another eminently quotable statement, Buffett held that America does not need to demonstrate itself through aggressive trade policies. “Starting from nothing some 250 years ago, we have become an incredibly important country. There is nothing like it.” He also insisted that America is not threatened by the success of other nations. “The more prosperous the rest of the world becomes, it won’t be at our expense. The more prosperous we become, the safer we’ll feel — and your children will feel someday.”
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Berkshire’s concerns over trade uncertainty
Trade wars are a certainty rather than a hypothetical. Especially in its quarterly report from May 3, Berkshire Hathaway made note of the risks: “We are currently unable to reliably predict the potential impact on our businesses, whether through changes in product costs, supply chain costs, efficiency, and customer demand.”
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Buffett supports cooperation rather than conflict
There can be no doubt that Warren Buffett proclaimed the conviction that trade wars are dangerous to the global economy and future generations. In his estimation, prosperity should be shared and not protected behind walls of barriers. As America enters another cycle of elections, Buffett’s words shall serve as a reminder that strength does not come from isolation, but from cooperation.
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