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Warren Buffett to step down from Berkshire at year’s end, Greg Abel to succeed Oracle of Omaha
By Auzinea Bacon, CNN
8 minute read
Updated 2:22 PM EDT, Sat May 3, 2025
Buffett addresses tariffs
Buffett also finally shared what he thinks about tariffs.The famed investor and CEO of multinational conglomerate holding company Berkshire Hathaway (BRK.B) on Saturday talked about America’s trade wars, calling them a “big mistake” at the firm’s annual shareholding meeting.
“Trade should not be a weapon,” Buffett said. He also said that “trade could be an act of war.”
“The United States won. I mean, we have become an incredibly important country, starting from nothing 250 years ago, there’s nothing that anything like it,” Buffett said.
Buffett drew applause when he added: “(America) should do what we do best and they should do what they do best.”
Throughout the earnings release, the company warned that tariffs made its outlook uncertain. Berkshire released its quarterly report, where it said tariffs could have a negative impact on its growth.
“Changes in macroeconomic conditions and geopolitical events, including changes in international trade policies and tariffs, may negatively affect our operating results and the values of our investments in equity securities and of our operating businesses,” Berkshire said Saturday in its quarterly note. “We are currently unable to reliably predict the nature, timing or magnitude of the potential economic consequences of any such changes or the impacts on our Consolidated Financial Statements.”
Berkshire’s operating earnings fell 14% for the first three months of the year. Its insurance underwriting business made $1.33 billion in the first quarter, a nearly 50% decline from the first quarter of 2024, when the conglomerate’s insurance underwriting arm generated nearly $2.6 billion.
The “Oracle of Omaha” arrived at the event, which is shown live on CNBC, with heavy security and after shares of Berkshire hit a record high on Friday. The event has drawn former Democratic presidential nominee Hillary Clinton, Apple CEO Tim Cook and former Microsoft CEO Bill Gates.
Speaking from the weekend event dubbed “Woodstock for Capitalists,” Buffett’s long-awaited comments come as concerns grow about markets and the economy. Major indexes in recent weeks have plunged, surged and bounced around in every direction over uncertainty about President Donald Trump’s sweeping tariffs and the effects they may have on the global economy.
