Warren Buffett used the spotlight at the 2025 Berkshire Hathaway Annual Shareholders Meeting to issue a pointed warning: “Trade should not be a weapon.” Reaffirming his globalist economic philosophy, the legendary investor defended his 2003 “import certificates” idea while criticizing rising protectionist sentiments and tariffs, which he now views as acts of “economic war.”
Buffett’s comments came in response to a shareholder question referencing his 2003 Fortune article, where he had proposed a trade-balancing mechanism involving import certificates.
Speaking to thousands gathered in Omaha, he clarified the distinction “The import certificates were distinct [from tariffs], but their goal was to balance imports against exports so that the trade deficit would not grow in an enormous way.”
He emphasized that the core intent was to promote balanced global trade while including safeguards to support developing economies:
“They had various other provisions in it to help third world countries… but basically, they were designed to balance trade.”
While acknowledging that the plan gained little traction — even with his longtime partner Charlie Munger, who found the concept “a little too much like Rube Goldberg” — Buffett stood by the underlying principle:
“You can make very good arguments for the fact that balanced trade is good for the world… and the more balanced trade there is, the better.”
Buffett reflected on America's transformation from a purely agricultural economy into a global industrial power over the last 250 years. But he expressed concern about the growing use of trade policy as a geopolitical tool, cautioning, “There’s no question that trade can be an act of war. And I think it’s led to bad things — just the attitudes it’s brought out in the United States.”
He warned of the risks of nationalism and economic triumphalism in a nuclear world:
“We want a prosperous world. With eight countries with nuclear weapons — including a few that are quite unstable — I don’t think it’s a great idea to design a world where a few countries say, ‘Ha ha, we’ve won.’”
Buffett underlined the importance of cooperation, suggesting that global prosperity would benefit the US, not hurt it:
“The more prosperous the rest of the world becomes, it won’t be at our expense — the more prosperous we’ll become. And the safer we’ll feel, and your children will feel someday.”
He joked that his proposal wouldn’t be enshrined alongside economic classics like Adam Smith’s Wealth of Nations, adding:
“Don’t expect my import certificate idea to go down there… but if anyone wants a copy, we’ve probably got extras.”
Buffett concluded by calling for a return to constructive trade relationships built on mutual benefit, not zero-sum competition.
Buffett’s comments came in response to a shareholder question referencing his 2003 Fortune article, where he had proposed a trade-balancing mechanism involving import certificates.
Speaking to thousands gathered in Omaha, he clarified the distinction “The import certificates were distinct [from tariffs], but their goal was to balance imports against exports so that the trade deficit would not grow in an enormous way.”
He emphasized that the core intent was to promote balanced global trade while including safeguards to support developing economies:
“They had various other provisions in it to help third world countries… but basically, they were designed to balance trade.”
While acknowledging that the plan gained little traction — even with his longtime partner Charlie Munger, who found the concept “a little too much like Rube Goldberg” — Buffett stood by the underlying principle:
“You can make very good arguments for the fact that balanced trade is good for the world… and the more balanced trade there is, the better.”
Buffett reflected on America's transformation from a purely agricultural economy into a global industrial power over the last 250 years. But he expressed concern about the growing use of trade policy as a geopolitical tool, cautioning, “There’s no question that trade can be an act of war. And I think it’s led to bad things — just the attitudes it’s brought out in the United States.”
He warned of the risks of nationalism and economic triumphalism in a nuclear world:
“We want a prosperous world. With eight countries with nuclear weapons — including a few that are quite unstable — I don’t think it’s a great idea to design a world where a few countries say, ‘Ha ha, we’ve won.’”
Buffett underlined the importance of cooperation, suggesting that global prosperity would benefit the US, not hurt it:
“The more prosperous the rest of the world becomes, it won’t be at our expense — the more prosperous we’ll become. And the safer we’ll feel, and your children will feel someday.”
He joked that his proposal wouldn’t be enshrined alongside economic classics like Adam Smith’s Wealth of Nations, adding:
“Don’t expect my import certificate idea to go down there… but if anyone wants a copy, we’ve probably got extras.”
Buffett concluded by calling for a return to constructive trade relationships built on mutual benefit, not zero-sum competition.
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