The Oracle of Omaha says the US has done «remarkably well with trade in China.»
Warren Buffett has plenty on the line if the United States and China can’t settle their trade differences. But the Oracle of Omaha isn’t that concerned about the relationship.
«We’ve done remarkably well with trade in China,» Buffett said of the US at Berkshire Hathaway’s annual shareholders meeting Saturday in Omaha, Nebraska. «We will have disagreements with each other. We’ll have disagreements with other countries on trade. But it’s just too big, and too obvious that the benefits are huge and the world’s dependent on, in a major way for its progress.»
Threats of a trade war between the world’s biggest economies have loomed for months, and both countries have threatened to slap steep tariffs on tens of billions of dollars of exports.
The tensions have rattled global markets — so far this year, for example, the S&P 500 ( DVS) index has swung wildly.
Buffett has several interests in China. His conglomerate Berkshire has a massive stake in the Chinese car company BYD, as well as big holdings of Apple ( AAPL), GM ( GM) and Coca-Cola ( KO). All of them have a major presence in the Asian nation.
Berkshire’s stock is down about 2% since January.
«It is a win-win situation when the world trades,» Buffett said at the meeting, adding that he doesn’t think the US and China will «do something extremely foolish.
