OMAHA, Nebraska — Warren Buffett on Saturday criticized President Donald Trump’s hardline trade policy, without naming him directly, saying it’s a big mistake to slap punitive tariffs on the rest of the world.

“Trade should not be a weapon,” Buffett said at Berkshire Hathaway‘s annual shareholder meeting. “The United States won. I mean, we have become an incredibly important country, starting from nothing 250 years ago. There’s not been anything like it.”

“It’s a big mistake, in my view, when you have seven and a half billion people that don’t like you very well, and you got 300 million that are crowing in some way about how well they’ve done – I don’t think it’s right, and I don’t think it’s wise,” he added.

Buffett’s comments, his most direct yet on tariffs, came after the White House’s rollout of the highest levies on imports in generations shocked the world last month, triggering extreme volatility on Wall Street. The president also announced a sudden 90-day pause on much of the increase, except for China, as the White House sought to make deals with countries.

Trump has slapped tariffs of 145% on imported Chinese goods this year, prompting China to impose retaliatory levies of 125%. China said last week it is evaluating the possibility of starting trade negotiations with the U.S.

“I do think that the more prosperous the rest of the world becomes, it won’t be at the our expense, the more prosperous we’ll become, and the safer we’ll feel, and your children will feel someday,” Buffett said.

Investors had been waiting to hear from the 94-year-old “Oracle of Omaha” for his guidance to navigate the uncertain macroenvironment as well as his assessment on the state of the economy. The trillion-dollar Berkshire’s vast array of insurance, transportation, energy, retail and other businesses, from Geico to Burlington Northern to Dairy Queen, leave Buffett uniquely qualified to comment on the current health of the American economy. The first-quarter GDP was just reported to have contracted for the first time since 2022.

Berkshire said in its first-quarter earnings report that tariffs and other geopolitical events created “considerable uncertainty” for the conglomerate. The firm said it’s not able to predict any potential impact from tariffs at this time.

Buffett has been in a defensive mode, selling stocks for 10 straight quarters. Berkshire dumped more than $134 billion worth of stock in 2024, mainly due to reductions in Berkshire’s two largest equity holdings — Apple and Bank of America. As a result of the selling spree, Berkshire’s enormous pile of cash grew to yet another record, at $347 billion at the end of March.

(Follow along with our full coverage of Berkshire Hathaway’s annual meeting here.)

Warren Buffett’s Berkshire Hathaway reported first-quarter results on Saturday that showed a steep drop in operating earnings from the year-earlier period. The conglomerate, which owns a vast array of insurance, transportation, energy, retail and other businesses also warned that tariffs may further hit profits.

Operating earnings, which include the conglomerate’s fully owned insurance and railroad businesses, fell 14% to $9.641 billion during the first three months of the year. In the first quarter of 2024, they totaled $11.222 billion.

On per share basis, operating earnings were $4.47 last quarter, down from $5.20 per class B share in the same period one year ago. That compares to an estimate of $4.89 per class B share from UBS and an overall consensus estimate from 4 analysts of $4.72 a share per FactSet.

Much of that decline was driven by a 48.6% plunge in insurance-underwriting profit. That came in at $1.34 billion for the first quarter, down from $2.60 billion a year prior.

Berkshire’s bottom line also took a hit from the dollar losing value in the first quarter. The company said it suffered an approximate $713 million loss related to foreign exchange. This time last year, it benefited from a $597 million forex gain.

The dollar index fell nearly 4% in the first quarter. Against the Japanese yen, it lost 4.6%.

Berkshire said President Donald Trump’s tariffs and other geopolitical risks created an uncertain environment for the conglomerate, owner of BNSF railway, Brooks Running and Geico insurance. The firm said it’s not able to predict any potential impact from tariffs at this time.

“Our periodic operating results may be affected in future periods by impacts of ongoing macroeconomic and geopolitical events, as well as changes in industry or company-specific factors or events,” Berkshire said in the earnings report. “The pace of changes in these events, including international trade policies and tariffs, has accelerated in 2025. Considerable uncertainty remains as to the ultimate outcome of these events.”

“We are currently unable to reliably predict the potential impact on our businesses, whether through changes in product costs, supply chain costs and efficiency, and customer demand for our products and services,” it said.

The report comes as Berkshire enjoys a stellar year-to-date performance, while the broader market languishes. In 2025, Class A shares of Berkshire are up nearly 19%, while the S&P 500 is down 3.3% as uncertainty from tariffs pressures tech and other sectors.

Berkshire’s cash hoard ballooned to a fresh record during the first quarter, climbing to more than $347 billion from around $334 billion at the end of 2024, as Buffett continues to struggle to find opportunities to deploy the money.

Berkshire was a net seller of stocks for a 10th quarter in a row.

— CNBC’s Yun Li contributed reporting.

OMAHA, Nebraska — Berkshire Hathaway shareholders are getting more bang for their buck at this year’s meeting with the annual shopping event more interactive than ever.

The conglomerate’s yearly convention kicked off Friday with a shareholder-only shopping event, called the “Berkshire Bazaar of Bargains.” With over 20,000 square feet of showroom space at the CHI Health Center in downtown Omaha, the exhibit hall is offering goods from a myriad of the conglomerate’s holdings, including Warren Buffett-themed apparel from Brooks Sports and Berkshire chocolate coins from See’s Candies.

Buffett will take the stage 9am ET Saturday to address the most pressing issues investors face, including tariffs, the market volatility as well as the state of the economy. The 94-year-old investment legend will answer shareholder questions along with his designated successor, Greg Abel, and Berkshire’s insurance chief, Ajit Jain. The Q&A session will be broadcast exclusively on CNBC.

Plush Warren, Charlie and Omaha

Plush toy phenomenon Squishmallows once again stole the show. The ones modeled after the “Oracle of Omaha” and the late Charlie Munger became the biggest hits at the shopping event, as shareholders snapped up over 1,000 snuggly dolls per hour.

This year, Squishmallows also introduced a new limited-edition dog character called “Omaha.”

Berkshire inherited Squishmallows parent Jazwares through its acquisition of Alleghany in the fourth quarter of 2022. These squishy toys became an instant sensation during the pandemic partly thanks to celebrity endorsements. In 2022 alone, the firm sold a whopping 100 million Squishmallow units — with prices ranging from $5 to $30.

At the shopping event, the company put on display its newest product — pillows for both kids and adults —slated to launch this summer. Berkshire shareholders get to buy special edition pillow cases featuring Buffett and Munger’s cartoon figures.

One very special book

Only one book is for sale at Berkshire’s book store Bookworm this year, 60 Years of Berkshire Hathaway, to commemorate the decades since Buffett took over what was then a failing Massachusetts textile company

Berkshire is selling 5,000 volumes of the limited edition book. Proceeds from an auction of copies signed by Buffett and author Carrie Sova will benefit the Stephen Center, a charity for homeless youth and adults in South Omaha.

Satisfying the sweet tooth

See’s Candies, one of Berkshire’s most-iconic brands, had shelves of themed chocolate concoctions available for purchase.

Tied to the camping theme for this year’s meeting, See’s sold a box of toasted marshmallow-flavored chocolates. The box was adorned with an illustration of Buffett next to a campfire. Other items for sale included chocolate coins with wrappers embossed with Buffett’s face, as well as the company’s famous peanut brittle.

Room for dessert?

Dairy Queen, which Berkshire Hathaway acquired in 1998, provided a sweet treat for attendees while they racked up steps at the bazaar. The ice cream chain’s Dilly Bars were sold for $1, while the Buster Bar went for $2.

Running shoes

Long lines formed at Brooks Running as shareholders gravitated towards the 2025 special edition of its running shoes with special “Berkshire Hathaway” branding on the side and the insoles. Many shareholders are also set to participate in the Brooks “Invest in Yourself” 5K fun run and walk on Sunday, the morning following the annual meeting.

Live from Omaha

Attendees waited in line to take photos in front of CNBC’s stage, where reporters like Mike Santoli and Becky Quick have been reporting. CNBC is the exclusive broadcaster for the meeting and has a livestream available online in English and Mandarin.

Claw Crane

Feeling lucky? New to the bonanza floor this year was a gigantic claw machine.

For $10, attendees could try their luck at scooping up prizes tied to several of Berkshire’s holding companies. Proceeds go to the Hope Center for Kids, an Omaha-based organization providing after-school and summer care for children.

Living the lavish life

NetJets, which Berkshire bought in 1998, took shareholders inside a private plane. The private jet operator also sold company-branded gear.

Getting it all home

Not enough space for plush toys, jewelry, running shoes and books in your carryon? AIT Worldwide Logistics has you covered. The shipper offered shoppers the service of having their purchases packed and sent home. It should be a popular service, with attendees seen lugging around Squishmallow bags that were equivalent in size to a child.